GBP/JPY Tests Resistance Zone: Breakout or Rejection?
GBP/JPY Analysis:
Trendline Support: The price is forming higher lows (HL), with the trendline providing strong support, maintaining a bullish structure.
Resistance Zone: A key resistance zone between 197 and 199.5 has caused multiple rejections (1, 2, 3), indicating a strong supply area.
Next Move: If the price retests the resistance zone and faces rejection, it may form HL5 near the trendline before another potential breakout.
Trendline Support: The price is forming higher lows (HL), with the trendline providing strong support, maintaining a bullish structure.
Resistance Zone: A key resistance zone between 197 and 199.5 has caused multiple rejections (1, 2, 3), indicating a strong supply area.
Next Move: If the price retests the resistance zone and faces rejection, it may form HL5 near the trendline before another potential breakout.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.