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GWby u/greta_walsh·1moAnalysis

Looking at the $GBPJPY resistance around 215.40

Hey everyone, fairly new to posting here, but I've been watching $GBPJPY for a bit and this 215.40ish level is starting to look like a pretty solid short-term resistance point. We've tapped it a few times today already, hitting 215.46 as the high, and it seems to be holding. My thinking is if we can't decisively break and hold above 215.50, we might see a pullback towards the intraday lows around 214.60. The risk, of course, is if there's a strong push above 215.50 on decent volume; that would probably invalidate the resistance idea for now, and I'd be rethinking things pretty quick.

3 comments · 3 points

3 Comments

IRu/iyer_rahul·1mo

That's an interesting observation. Do you see any specific indicators on lower timeframes confirming that resistance, or is it mostly based on the price action you're seeing today?

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STu/sofia_t·1mo

Agreed, that 215.40-50 zone is key. I'm watching to see if there's enough volume to push through or if it's another rejection. Could be a decent scalp opportunity if it holds.

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PLu/ploysukprasert·1mo

It's been tested, but that doesn't make it solid until it breaks down decisively from there. Watch for higher volume on a break-up or confirmation on a retest.

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