GBP/JPY may fall if the confluence of resistance holds
Hello traders, GBP/JPY is currently at a very crucial level on the
4Hour chart. Let's look at the chart and analyze it
📌In the 4Hour chart, price is currently just under the dynamic resistance.
So far, we have not seen any bearish candles. However, the next candles
could be bearish.
📌Price is also at the broken support turned resistance level as I have
indicated in my chart.
📌So, in case of bearish price action in the highlighted zone, selling
GBP/JPY@182.60-182.85 with SL above 183 and TP at 180.83 would be a potential
sell trade.
4Hour chart. Let's look at the chart and analyze it
📌In the 4Hour chart, price is currently just under the dynamic resistance.
So far, we have not seen any bearish candles. However, the next candles
could be bearish.
📌Price is also at the broken support turned resistance level as I have
indicated in my chart.
📌So, in case of bearish price action in the highlighted zone, selling
GBP/JPY@182.60-182.85 with SL above 183 and TP at 180.83 would be a potential
sell trade.
Trade active:
Sold at 182.60 as per plan
Comment:
Currently in 28 Pips profit
Trade closed manually:
Closed at 181.98 with 62 Pips Profit. Will reenter if price pulls back to the 4H resistance zone