My current BIAS for GBP/JPY for the upcoming week is currently NEUTRAL.
The reasons behind this are
-Price is within an ascending channel forming HH & HL, we are currently at our bottom line where in the past we have seen bounces to the upside so we could again see that aiming for our Daily Resistance at 130.480. BUT we have been within this uptrend for about 10 days now so I am very aware price could in-fact break below and form an ABC pattern heading down towards our Demand Zone at 127.500.
I will be staying neutral on this pair until I see one of these moves begin to play out.
Please Like & Follow for updates.
The reasons behind this are
-Price is within an ascending channel forming HH & HL, we are currently at our bottom line where in the past we have seen bounces to the upside so we could again see that aiming for our Daily Resistance at 130.480. BUT we have been within this uptrend for about 10 days now so I am very aware price could in-fact break below and form an ABC pattern heading down towards our Demand Zone at 127.500.
I will be staying neutral on this pair until I see one of these moves begin to play out.
Please Like & Follow for updates.