GBP/JPY – Week 24 – Waiting for the breakout

As we look at the 4h structure for this pair the price action structure is making a bigger consolidation that prepares the next move to the upside. We think the higher probability move for pound yen is to at least break the top. This doesn’t mean that in this consolidation we can’t have a new low, but we think the support at 153.500 should hold and if the down move happens, in this area (support) we should look for reversals.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.

Komentarz:

We are close to support area. Let's see the reaction. If it's consolidating in the area it will continue to the downside. If not, we will have a reversal.