- GBP / JPY bulls in charge of hourly resistance level.
- The bears look for a pullback according to the daily chart.
The GBP/JPY It is offered according to the lower time frames, but there is a risk of betting on momentum according to the daily chart.
The following illustrates a bearish bias on the daily chart to test at least the 38.2% Fib retracement level, if not to the previous highs and a potential support structure that correlates with the 61.8% Fib retracement level.
Daily chart
Hours chart
Meanwhile, from a lower time frame perspective, the bulls are targeting the previous liquidity area as identified in the chart above, as the price tests above the previous highs, the 21 EMA after a correction to the Fibonacci level of 38.2%.
During the writing time, in fact, the price has already risen and is approaching the target resistance area of 155.65 as seen on the 15-minute chart:
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