GBPJPY → False breakdown and obvious bearish pressure

29 janv. 2024

GBPJPY is forming a false break of the resistance at 188.3 and is forming a consolidation, within which it can be seen that the market is under pressure from sellers.



On D1 we see the formation of the global range 188.3 - 179.9. The price is forging a retest of the resistance of the range in the format of a false breakdown. After that consolidation will be formed. So far it is difficult to call it a pre-breakdown consolidation, because on local timeframes the price movement is preparing for a price drop. Local highs are gradually decreasing and the probability of breaking through the base of consolidation - 187.38 level is increasing. In this case there is a probability of starting correction to 185.9, 184.3. Globally the market has no trend, because the price is in sideways movement, and locally it is still bullish, but when breaking through the base of 187.38, the market phase may change.

Resistance levels: 188.3, 190
Support levels: 187.37

Indices of GBP, JPY currencies are standing still, GBP looks more optimistic, but on the background of geopolitics it gives prerequisites for correction, which can negatively affect the currency pair.

Regards R. Linda!

29 janv. 2024

Note

Price is testing support for a breakout
Consolidation of the price below the level will form a potential for further decline

30 janv. 2024

Note

31 janv. 2024

Note

31 janv. 2024

Trade fermée: cible de profit atteinte

Excellent realization. The first goal has been achieved