GBPJPY: Classic Breakout Trade
The GBPJPY recently broke and closed below an important daily support level.
Following the breakout, the price retested the broken support and began consolidating within a range.
A bearish breakout from this range serves as a strong confirmation of further bearish movement, increasing the likelihood that the breakout is legitimate.
It is anticipated that the price will decline to a level between 190.99 and 190.23.
Following the breakout, the price retested the broken support and began consolidating within a range.
A bearish breakout from this range serves as a strong confirmation of further bearish movement, increasing the likelihood that the breakout is legitimate.
It is anticipated that the price will decline to a level between 190.99 and 190.23.
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