YEN STRIKES BACK- GBPJPY UNDER PRESSURE - POSSIBLE PRICE DECLINE
Symbol - GBPJPY
The GBPJPY currency pair is currently exhibiting signs of a localized bearish trend, influenced in part by a broader correction in the US dollar. As a result, the Japanese yen is gaining strength, applying downward pressure on the pair.
Price action is retracing back into a key range and encountering significant resistance levels. The pair has moved below a critical resistance zone and is consolidating within a selling area, suggesting potential for a continued decline toward identified support and liquidity zones.
From a technical perspective, the broader trend remains neutral; however, GBPJPY appears to be reacting to a notable resistance level, potentially initiating a corrective pullback. Should bearish momentum persist and the price remain below the 193.45-193.74 resistance band, further downside movement is likely.
Key Resistance Levels: 193.45, 193.74, 194.22
Key Support Levels: 193.04, 192.35, 191.65
Sustained consolidation below the 193.45-193.74 resistance zone would confirm bearish control over the range top. In such a scenario, a continuation of the sell-off is anticipated, with price likely targeting the aforementioned support and liquidity zones.
The GBPJPY currency pair is currently exhibiting signs of a localized bearish trend, influenced in part by a broader correction in the US dollar. As a result, the Japanese yen is gaining strength, applying downward pressure on the pair.
Price action is retracing back into a key range and encountering significant resistance levels. The pair has moved below a critical resistance zone and is consolidating within a selling area, suggesting potential for a continued decline toward identified support and liquidity zones.
From a technical perspective, the broader trend remains neutral; however, GBPJPY appears to be reacting to a notable resistance level, potentially initiating a corrective pullback. Should bearish momentum persist and the price remain below the 193.45-193.74 resistance band, further downside movement is likely.
Key Resistance Levels: 193.45, 193.74, 194.22
Key Support Levels: 193.04, 192.35, 191.65
Sustained consolidation below the 193.45-193.74 resistance zone would confirm bearish control over the range top. In such a scenario, a continuation of the sell-off is anticipated, with price likely targeting the aforementioned support and liquidity zones.
Trade active
CMP 193.72Retested resistance zone, Short position initiated.
Trade closed: target reached
CMP 192.10Short position closed with +162 pips in profit with trailing SL.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Trading isn’t a gamble. When skill meets discipline - profit becomes the natural outcome.
Join me, I'll guide you to PROFITABLE TRADING.
Connect with me directly on WhatsApp: +91-9915885550
Join my free Telegram group: t.me/akshit_official
Join me, I'll guide you to PROFITABLE TRADING.
Connect with me directly on WhatsApp: +91-9915885550
Join my free Telegram group: t.me/akshit_official
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.