GBPJPY Rise After Throwback
As you see in the 4H time frame, price has made a strong breakout on the yellow resistance zone and turned it into the support zone.
After a sharp rise, price closed a long candle above the yellow resistance area. Currently, price is throwing back to the yellow broken area which is around 159.00 - 158.500
However, we should wait for the breakout on the last high at 160.00 to get confirmation of an upside move.
If price was pushed to the upside from the yellow zone and broke the red resistance at 160.00 to make a higher high, I expect a continuation on rising to the green level at 161.500
After a sharp rise, price closed a long candle above the yellow resistance area. Currently, price is throwing back to the yellow broken area which is around 159.00 - 158.500
However, we should wait for the breakout on the last high at 160.00 to get confirmation of an upside move.
If price was pushed to the upside from the yellow zone and broke the red resistance at 160.00 to make a higher high, I expect a continuation on rising to the green level at 161.500
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