InvestMateGBP/JPY Attention, strong line of resistance ahead

💷💴GBP/JPY Attention, strong line of resistance ahead.

💷💴That's as I wrote some time ago about the upside on this pair. Link below:

💷💴Now it's time to refresh the topic and give you my latest view.

💷💴As we can see the Pound is not giving up and is trundling forward with most forex pairs.

💷💴I determined the support zone based on the cluster of fibo levels of 0.382 of the entire last downward correction and the level of 0.886 of the entire downward wave measured from peak to bottom visible on the chart. It can be seen that the price has repeatedly found this level as resistance but also as support in the past.

💷💴The resistance zone results from a cluster of also 2 fibo levels. It is a double of the 1.272 level of the same waves as the support zone. This combination creates a really strong zone.

💷💴Beginning with the fact that GBP/JPY is in an uptrend of several years, I don't think getting this level will be a major problem.

💷💴The scenario I am playing out is a continuation of the upside to the resistance zone where I will be watching closely to see how price reacts. I am aware of the possibility of a correction at any time, this should be taken into account, If the outlook would change I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.

💷💴 *Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.

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