After hitting the dynamic support level last week, GBP/JPY has rallied quite strongly. Price is currently
just below the resistance level and looking at the momentum, it seems GBP/JPY has a high probability to
reach the resistance level that I have highlighted in my chart.
Traders should adopt a "wait and watch" approach for now and see the price action at the resistance level.
If we see some bearish price action with rejection candles at the 166.40 level, traders can consider selling.
Probable Trade Signal
Sell GBPJPY@166.40
Stop Loss(SL): 167
Take Profit(TP): 163.51
The above signal will be valid only if bearish price action forms at the mentioned resistance level
just below the resistance level and looking at the momentum, it seems GBP/JPY has a high probability to
reach the resistance level that I have highlighted in my chart.
Traders should adopt a "wait and watch" approach for now and see the price action at the resistance level.
If we see some bearish price action with rejection candles at the 166.40 level, traders can consider selling.
Probable Trade Signal
Sell GBPJPY@166.40
Stop Loss(SL): 167
Take Profit(TP): 163.51
The above signal will be valid only if bearish price action forms at the mentioned resistance level