||THE STRUGGLE FOR CONTROL ABOVE 142.2X (GBPJPY)
Since start of 2021 we had highs on GBPJPY hovering @141.2x struggling to break above , but failed at (X-1) we have push lower for sellers to cover up some loses towards the last lows @139.5x and the lows held strong at (Y-1)
Bullish momentum kicked in at (Y-1) enabling buyers to take control upwards for another re-attempt to break the last point of resistance at (X-1)
but it held strong forming a new zone (X-2)
While at (X-2) we had a pullback 0.61% retracement to get a bounce in buyside liquidity to break 141.2x which broke out and created new highs @s142xp
Similar pattern happening again , so expecting a 0.61% retracement at (X-2) creating a bounce for price to push above 142.2x towards around 143.4x
risk:
1-3 risk reward both on buys and sells
X- INTIAL HIGHS
X-1- FIRST ATTEMPT TO BREAK
X-2-SECOND ATTEMPT TO BREAK
Y- INTIAL LOWS
Y-1-FIRST ATTEMPT TP BREAK
Bullish momentum kicked in at (Y-1) enabling buyers to take control upwards for another re-attempt to break the last point of resistance at (X-1)
but it held strong forming a new zone (X-2)
While at (X-2) we had a pullback 0.61% retracement to get a bounce in buyside liquidity to break 141.2x which broke out and created new highs @s142xp
Similar pattern happening again , so expecting a 0.61% retracement at (X-2) creating a bounce for price to push above 142.2x towards around 143.4x
risk:
1-3 risk reward both on buys and sells
X- INTIAL HIGHS
X-1- FIRST ATTEMPT TO BREAK
X-2-SECOND ATTEMPT TO BREAK
Y- INTIAL LOWS
Y-1-FIRST ATTEMPT TP BREAK
Comment:
Break above 142,2 opens room for 143.4x
