GBP/JPY Market Analysis for Sunday Night Open
The GBP/JPY chart shows a recent downtrend followed by a recovery as the price approaches a key resistance zone around 197.90 - 198.00. We can observe some consolidation and a potential reversal pattern, with the price creating higher lows, suggesting possible bullish momentum.
Resistance Zone (197.90 - 198.00): This area has acted as strong resistance recently, and a clear break above could signal continued bullish momentum. If the price breaks and holds above this level, we could see a rally toward higher resistance around 198.20 - 198.50.
Support Levels: Immediate support is around 197.50, and if the price fails to break above resistance, we may see a pullback toward this level. A breakdown below this support could lead the price to test the lower zones at 197.20 and 197.00.
Potential Price Action Scenarios:
Bullish Scenario: A breakout above 198.00 would confirm a bullish continuation, aiming for 198.20 - 198.50.
Bearish Scenario: If sellers take control and the price falls below 197.50, we may see a retest of support levels near 197.20 - 197.00.
Indicators: The MACD is currently positive, showing signs of bullish momentum, but it's essential to watch for any divergence or a possible crossover, which might signal a weakening in buying pressure.
Summary: For the open, I’ll be watching how the price reacts around the 197.90 - 198.00 resistance zone. A strong breakout would favor long positions, while rejection around this area or a break below 197.50 could open opportunities for shorts targeting the lower support levels.
Resistance Zone (197.90 - 198.00): This area has acted as strong resistance recently, and a clear break above could signal continued bullish momentum. If the price breaks and holds above this level, we could see a rally toward higher resistance around 198.20 - 198.50.
Support Levels: Immediate support is around 197.50, and if the price fails to break above resistance, we may see a pullback toward this level. A breakdown below this support could lead the price to test the lower zones at 197.20 and 197.00.
Potential Price Action Scenarios:
Bullish Scenario: A breakout above 198.00 would confirm a bullish continuation, aiming for 198.20 - 198.50.
Bearish Scenario: If sellers take control and the price falls below 197.50, we may see a retest of support levels near 197.20 - 197.00.
Indicators: The MACD is currently positive, showing signs of bullish momentum, but it's essential to watch for any divergence or a possible crossover, which might signal a weakening in buying pressure.
Summary: For the open, I’ll be watching how the price reacts around the 197.90 - 198.00 resistance zone. A strong breakout would favor long positions, while rejection around this area or a break below 197.50 could open opportunities for shorts targeting the lower support levels.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.