GBPJPY Responding Well To Whole Numbers.

12 feb 2018

On a daily time frame you can draw out an ascending channel that price has tested but not yet breached. Last week we had support targets set at the 150 level which price tested but did not break. Upon further review with this weeks open being at the support level can imply a certain level of strength. If we see a bounce off this level at the bottom of our channel price can move to our daily resistance level @153. An in depth analysis can strongly imply that the 151.5 level can give price action a hard time being tested 8x previously on a 4H time frame. If the 151.5 level holds we can see a retest of the 150 level once again. The question that we may answer this coming week is "Will price break the 150 barrier?" If so we can see strong bearish moves towards the 148 level of support. As you can see if price responds well to the analysis conducted it makes for a decent entry with a tweezers bottom and a higher low. This suggests a desirable bias that we may be moving towards the implied levels.

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