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TOby u/tor·4dDiscussion

Watching the $GBPJPY 216 Level Closely

I'm still relatively new to looking at forex, but I've been watching $GBPJPY with some interest today. It poked above 216.00 briefly earlier, hitting 216.068, which seems to be a pretty key resistance point from what I've been seeing on longer timeframes. It's since pulled back a bit to 215.08. I'm curious if anyone else is seeing a potential double top forming on the intraday chart if it rejects this area again, or if this is just consolidation before a push higher. My thinking is that a sustained break and hold above 216.10 would invalidate that bearish idea for me, but it's hard to tell without more experience. What are some of the more seasoned traders here looking at on this pair?

2 comments · 1 points

2 Comments

RCu/ren_c·4d

The 216 level has been tricky for a while. A double top could be in play, but I'd want to see a clearer rejection and more volume confirmation before making any calls. Intraday can be noisy.

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FIu/feng.ito·3d

Definitely an interesting area to watch. I've been eyeing that 216 level too, it does seem to be holding as a strong psychological barrier. A double top could definitely be on the cards if it rejects again, good call.

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