The forex market has been silent for many years now, so there haven’t been many
opportunities to jump into trend-following positions.
We have to remain patient during quiet times and keep an eye on the calm markets
even when placing positions in more active markets.
The GBPJPY is showing signs that watching the quiet market may pay off. Price is
setting up for a potential long-term bullish opportunity.
Price went into consolidation from the low in October 2016 at 124.78. It moved
sideways for almost six years before finally breaking above the consolidation
resistance level at 156.60.
The breakout occurred in March 2022. Price continued up and then started to
decline and came down to retest the consolidation resistance turned support
in May. We then had a bounce off support and now price is looking strong and
heading back to the upside.
If a breakout occurs above the April high at 168.43 then we are likely to see
a continuation to the upside. This could result in an uptrend lasting several
weeks or months. Expect updates on this chart if we have a breakout.
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.
opportunities to jump into trend-following positions.
We have to remain patient during quiet times and keep an eye on the calm markets
even when placing positions in more active markets.
The GBPJPY is showing signs that watching the quiet market may pay off. Price is
setting up for a potential long-term bullish opportunity.
Price went into consolidation from the low in October 2016 at 124.78. It moved
sideways for almost six years before finally breaking above the consolidation
resistance level at 156.60.
The breakout occurred in March 2022. Price continued up and then started to
decline and came down to retest the consolidation resistance turned support
in May. We then had a bounce off support and now price is looking strong and
heading back to the upside.
If a breakout occurs above the April high at 168.43 then we are likely to see
a continuation to the upside. This could result in an uptrend lasting several
weeks or months. Expect updates on this chart if we have a breakout.
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.
