- GBP/JPY remains behind the opposite trend line.
- The bears are on the prowl and eager to pounce and move higher towards resistance.
The GBP/JPY It was another inside day on Wednesday which makes the market coil up and about to jump before the week is out. The following is an illustration of this scenario that could play out on Thursday:
GBP/JPY Preview Analysis, H1 Charts
It illustrated that the market was an inside day and there was prospect of a bullish breakout to the upside if the trendline was broken. Instead, pessimism around UK politics and economics has dragged the pound down across the board. There has been a downward movement in levels 1 and 2 of the previous day’s long positions, as indicated below:
GBP/JPY H1 chart update
While on the backside of the contrarian trend line, if 167.50 holds, there could be a move towards daily highs to test bulls’ commitments before bulls capitulate for a significant sell-off in the trend. bullish as illustrated in the chart above. 166.43, 165.02 and 162.32 are key levels on the way to a market order cascade.
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
