Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.
The GBPJPY is playing out as expected today.
The higher lows into that 129.60 level were a clear indication that the pair wanted to close above it.
You can see that in the 4-hour chart below.
I wrote about the potential of a break above 129.60 on Sunday and again just yesterday.
With the pair now above the level, I would expect buyers to defend it as new support.
Key resistance remains the same up near 132.20.
However, keep an eye on how GBPJPY reacts to the trend line that extends from the May 3rd high.
At the moment that level comes in near 131.80 or 131.50 if buyers take their time extending today’s break.
Either way, GBPJPY looks primed to continue its relief rally that began on the 12th of the month.
Alternatively, a daily close back below 129.60 would indicate a bull trap and expose key support at 126.80.
[thrive_custom_box title=”” style=”dark” type=”color” color=”#fef5c4″ border=”fadf98″]
Want to see how we’re trading GBPJPY?
Click Here to join us and save 40% – Ends August 31st!
[/thrive_custom_box]
Now you can get access to the same professional Forex charts I use!
Get access today: http://bit.ly/2UzPyiR
These charts give you five 24-hour sessions each week. They are essential if you trade from the daily or 4-hour time frames. Anything else can produce false buy and sell signals.
Download the platform here: http://bit.ly/2UzPyiR
insightful analysis..thank you
I am watching Justin. Bull trap coming.