GBPJPY after a false breakdown confirms the strong level of 190.67 and tries to strengthen within the upward price channel from D1.
The price is at a rather important resistance that could open the way to 200.00, but the situation is strained by the expectation of Friday's rate news from the central bank of Japan.
A rate cut could strengthen the JPY, but remarkably, the chart hints at a possible upside attempt.
Scenario:
A correction could form from the level to 0.5 fibo, zones of interest or to the rising support line.
The bulls are interested in the GBPJPY growth continuation on the background of the pound strengthening due to the dollar correction, thus it can be assumed that the growth will continue after the correction.
The scenario will be broken if the price breaks the ascending support line on the news background
The price is at a rather important resistance that could open the way to 200.00, but the situation is strained by the expectation of Friday's rate news from the central bank of Japan.
A rate cut could strengthen the JPY, but remarkably, the chart hints at a possible upside attempt.
Scenario:
A correction could form from the level to 0.5 fibo, zones of interest or to the rising support line.
The bulls are interested in the GBPJPY growth continuation on the background of the pound strengthening due to the dollar correction, thus it can be assumed that the growth will continue after the correction.
The scenario will be broken if the price breaks the ascending support line on the news background
Note
Why, despite the pending news I expect to go up?
1 - we don't know yet what news will be
2 - technically, the price is showing signs of growth.
3 - false break of the ascending channel support is a strong signal for realization of the bullish movement.
Trade closed: target reached
❤️ Telegram channel: t.me/AndeWave
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.
❤️ Telegram channel: t.me/AndeWave
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.