Big Move Ahead for the GBPJPY
This is now HIGH on my watch list...a breakout potential on the GBPJPY!
Price has now tested the 162.32 resistance level twice.
Question is, could it break out?
Although the price has retraced from the high to test the 161 price level, it has also coincided with the order block (in the shaded area). If the price does break out to the upside, the first level to target would be at the 61.8% fib level (163.78 or 164 round number price level).
The next thing to consider is, whether the push to the upside on the GBPJPY is going to be driven by further GBP strength or JPY weakness.
Price has now tested the 162.32 resistance level twice.
Question is, could it break out?
Although the price has retraced from the high to test the 161 price level, it has also coincided with the order block (in the shaded area). If the price does break out to the upside, the first level to target would be at the 61.8% fib level (163.78 or 164 round number price level).
The next thing to consider is, whether the push to the upside on the GBPJPY is going to be driven by further GBP strength or JPY weakness.
Commento:
This worked out quite well, came close to the 164 price level before retracing again