DESCRIPTION
The counter GBPJPY forms an ascending channel. The counter's prices moving between the top and bottom line of the channel from 18th January. The formation of the ascending channel indicates the counter is in a bullish mode. The price is cumulating near the top line of the channel for the past 24hrs. Since the price didn't break the topline, the bullish mode may continue further. Even if it breaks the channel, the price may move even more upwards. Ultimately long is more suitable for this condition. The upsloping movement of the MACD curves gives additional support to the description.
The major levels for this counter is
R2 –143.91
R1 –143.47
PP –142.83
S1 –142.39
S2 –141.75
The counter GBPJPY forms an ascending channel. The counter's prices moving between the top and bottom line of the channel from 18th January. The formation of the ascending channel indicates the counter is in a bullish mode. The price is cumulating near the top line of the channel for the past 24hrs. Since the price didn't break the topline, the bullish mode may continue further. Even if it breaks the channel, the price may move even more upwards. Ultimately long is more suitable for this condition. The upsloping movement of the MACD curves gives additional support to the description.
The major levels for this counter is
R2 –143.91
R1 –143.47
PP –142.83
S1 –142.39
S2 –141.75