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GBPJPY Breaks 129.60, Targets 132.20

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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.

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GBPJPY higher lows into resistance

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3 comments
Justin Bennett says

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POLA P says

insightful analysis..thank you

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IDOGEI emmanuel says

I am watching Justin. Bull trap coming.

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