GBP/JPY approaching historical resistance level! Will it drop?
Overview- GBP/JPY is on a relentless rally since October'2020.
A moderate correction took place in March this year but price has broken
through the 153 level now. Most of the retail traders are selling GBP/JPY
but price is in a continuous uptrend. But, it looks like the time for sellers
is finally here.
Analysis - As you can see from the chart, 156 level is a historical
resistance for GBP/JPY. It looks unlikely that bulls will be able to take out this
resistance level in the first attempt. So, this might be the much needed
catalyst for the Guppy sellers.
Probable trade set-up - Based on the analysis, a short entry at
156 with SL above the resistance area and first TP at 152 and final
TP at 148 looks very good attractive.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.
A moderate correction took place in March this year but price has broken
through the 153 level now. Most of the retail traders are selling GBP/JPY
but price is in a continuous uptrend. But, it looks like the time for sellers
is finally here.
Analysis - As you can see from the chart, 156 level is a historical
resistance for GBP/JPY. It looks unlikely that bulls will be able to take out this
resistance level in the first attempt. So, this might be the much needed
catalyst for the Guppy sellers.
Probable trade set-up - Based on the analysis, a short entry at
156 with SL above the resistance area and first TP at 152 and final
TP at 148 looks very good attractive.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.