The GBPJPY was making good progress last week, creating a high at 168.43,
but as was expected, price began to pull back by the end of the week,
The first obvious level of support was from the March 28th high at 164.65 and
price closed for the week above this level. But so far this week, price has
declined below this support level.
This is when we have to look for other potential support levels which in this
case is the 20 simple moving average. Price has now hit this indicator, but
as it is still too early in the day, we will have to wait until the bar closes to
determine if it may act as support.
If we have a bounce from the 20sma, we should see the bullish trend resume
and go on to create higher highs and higher lows.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
but as was expected, price began to pull back by the end of the week,
The first obvious level of support was from the March 28th high at 164.65 and
price closed for the week above this level. But so far this week, price has
declined below this support level.
This is when we have to look for other potential support levels which in this
case is the 20 simple moving average. Price has now hit this indicator, but
as it is still too early in the day, we will have to wait until the bar closes to
determine if it may act as support.
If we have a bounce from the 20sma, we should see the bullish trend resume
and go on to create higher highs and higher lows.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
