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VSby u/vsiddiqui·3dAnalysis

$GBPJPY: Watching the 215.45 level closely

Been following $GBPJPY for a while now, and the recent push has me attentive to the 215.45 level. Today's high touched it, which is aligning with a previous swing high from a few weeks back on the daily chart. It feels like a key resistance point for this current leg up.

My take is that a clean break and sustained trade above 215.45 could signal further upside, potentially bringing 216.00-216.50 into play. However, a failure to breach this area and a subsequent rejection could see it retrace back towards the 214.64-214.80 zone, possibly even testing the 214.00 psychological level again. The risk for this current bullish momentum, in my book, would be a daily close significantly below the 214.64 low from today. Just my observations, keen to hear other thoughts.

1 comments · 1 points

1 Comments

HWu/hugo.weber·3d

Interesting point about 215.45. I've been looking at similar levels, but what makes you so confident it's a key resistance point and not just a temporary stop before another push?

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