WillRakowski

Is GBP/JPY heading for a retest of longstanding support level?

Short
FX:GBPJPY   British Pound / Japanese Yen
- Strong support level around 126.661, tested in early August and early September 2019.
- Support level broken mid-March 2020 but quickly retraced, finding resistance at 135.268 level.
- This resistance level also held around late September 2019.
- In between this price range, the 130.581 price level is also of interest, having acted as both a resistance and support in mid-August and early October respectively.
- Price recently moving in a descending channel beginning around the 1st May.
- May be likely that GBP/JPY is seeking to restest the longstanding support around the 126.661 level.
- Considering the previous effect of the 130.581 level, it might be worth holding out to see how the price reacts to this level in the coming days.
- If we see a large rebound and breakout of the downtrend channel , the idea is void.
- A break of this level and possible retest could be a sure sign that GBP/JPY will reach for the the previous support around 126.661.

This is my first published analysis so feel free to critique and share your own ideas and opinions - I would love to hear them!

Comments

Most interesting! Definitely food for thought 😋
Reply
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