Rising channel approaches 2018 resistence
Updated
GBPJPY is following a rising channel since April 2021, and approaching 156.422 which is a strong resistence from 2018. I don't think it will fall down to the lower edge of the channel without testing this resistence. So let's wait for the price to bounce from the nearest support at 154.796 to enter a buy position.
If it breaks above 156.422 it will test another strong resistence from 2016 (162.200). Otherwise we can expect it to fall down to around 153.800.
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If it breaks above 156.422 it will test another strong resistence from 2016 (162.200). Otherwise we can expect it to fall down to around 153.800.
Please like if you find this idea useful 👍 (●'◡'●)
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