Good morning traders! We spotted a very interesting area in GBP/JPY and wanted to share it with you with this analysis.
🔸As we can see, the price is in a bullish channel.
🔸At this time, it is facing the confluence zone between the Resistance Zone and the upper trend line of the bullish channel.
🔸The price is still bullish, but it is a potential reversal zone, so we will be on the lookout for any strong rejection or bearish signal.
🔸In case this rejection happens, we can see a retracement towards the support zone or the Ascending Trendline.
🔸Both targets involve large movements, of approximately 1000 pips.
🔸As we can see, the price is in a bullish channel.
🔸At this time, it is facing the confluence zone between the Resistance Zone and the upper trend line of the bullish channel.
🔸The price is still bullish, but it is a potential reversal zone, so we will be on the lookout for any strong rejection or bearish signal.
🔸In case this rejection happens, we can see a retracement towards the support zone or the Ascending Trendline.
🔸Both targets involve large movements, of approximately 1000 pips.