GBPJPY LONG SETUP.
GBPJPY is a pair worth talking about with the strong UPTREND we've been experiencing on the pair since December 2020, which cause the pair to break above 5years Descending TRIANGLE, which can be view on the weekly chart, with several resistance extending from 2016 high.
Two weeks ago price get above the horizontal resistance zone holding since 2019 @ 144.10, we then had a weekly close above the zone, price retested the zone twice on lower timeframe and held nicely.
Last week, price was able to take out the previous week high, looking at how price have been respecting structures, treating previous highs as support while continuing the UPTREND, going into this week it will worth to keep an eye on how price will react retesting the previous week high coming around @ 144.90. If price treat the zone as new support that will set price higher with the next level of resistance around @ 148.00, it also worth to add that the UPTREND continuation will still be valid, even if price rotation lower to retest the UPTREND LINE.
While a rotation lower with maybe a daily close below the UPTREND LINE on the 4H chart will signal more downside.
Two weeks ago price get above the horizontal resistance zone holding since 2019 @ 144.10, we then had a weekly close above the zone, price retested the zone twice on lower timeframe and held nicely.
Last week, price was able to take out the previous week high, looking at how price have been respecting structures, treating previous highs as support while continuing the UPTREND, going into this week it will worth to keep an eye on how price will react retesting the previous week high coming around @ 144.90. If price treat the zone as new support that will set price higher with the next level of resistance around @ 148.00, it also worth to add that the UPTREND continuation will still be valid, even if price rotation lower to retest the UPTREND LINE.
While a rotation lower with maybe a daily close below the UPTREND LINE on the 4H chart will signal more downside.
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