1
NIby u/nikhilpillai·7dAnalysis

Thoughts on $GBPJPY around 213.40

Been watching $GBPJPY for a bit, and it's holding an interesting area right now. The move up has been fairly relentless, and it feels like we're either consolidating before another leg higher, or we're setting up for a significant retracement. I'm looking at the 213.20-213.40 zone as a key area. We’ve bounced off it a few times in intraday, but the daily close will tell a lot.

My concern is if we start closing consistently below 213.00. That would invalidate the current bullish structure I'm tracking and suggest a deeper pullback towards 212.00 or even 211.50. On the flip side, a clean break above 214.00, especially with some volume, could easily see us retest the recent highs. Just my two cents, obviously, anything can happen.

0 comments · 1 points

0 Comments

No comments yet. Be the first.

More like this