The GBPJPY broke out of long-term consolidation with a big bullish candle on March 22nd.
Following really large candles, we tend to sharp reversals but in this case price continued
to move higher for a few days.
On March 28th price pulled back and moved towards the consolidation resistance turned
support but didn’t quite make it that far.
Support was found just above that level and we are starting to see bullish momentum
once again. To confirm this as just being a pullback, we need to see a break and close
above the March 28th high at 164.65.
This will also confirm a bullish trend continuation and price has plenty of room to form
a long-term trend providing us with compounding opportunities.
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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.
Following really large candles, we tend to sharp reversals but in this case price continued
to move higher for a few days.
On March 28th price pulled back and moved towards the consolidation resistance turned
support but didn’t quite make it that far.
Support was found just above that level and we are starting to see bullish momentum
once again. To confirm this as just being a pullback, we need to see a break and close
above the March 28th high at 164.65.
This will also confirm a bullish trend continuation and price has plenty of room to form
a long-term trend providing us with compounding opportunities.
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.
