GBPJPY Weekly Technical Outlook
The GBPJPY market has been sideways for the most part of the last eight weeks. The last two weeks have seen much ambivalence of price action after a narrow-range horizontal channel was breached southwards. The technicals on the weekly time frame favour bears but the 132.430 area is a horizontal support which bears may struggle to break down.
Price action on the H4 time frame is disposing northwards in retracement as the impulsive direction is southwards. The 135.530/135.950 zone is an area of value which may be a target of such a retracement before a southward turnaround.
I may be wrong. Trade safe and prosper.
KP
The GBPJPY market has been sideways for the most part of the last eight weeks. The last two weeks have seen much ambivalence of price action after a narrow-range horizontal channel was breached southwards. The technicals on the weekly time frame favour bears but the 132.430 area is a horizontal support which bears may struggle to break down.
Price action on the H4 time frame is disposing northwards in retracement as the impulsive direction is southwards. The 135.530/135.950 zone is an area of value which may be a target of such a retracement before a southward turnaround.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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