$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.
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?