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GBPJPY Technical Outlook

GBPJPY Technical Outlook


More or less we're pretty much trending in a sideways market with a slight tilt to the upside with the most recent breakout candle followed by a 50% fib retracement. If we manage to get another impulse to the upside, wave 1 and wave 3 could be similar in length. But for this to occur, price action of course would need to break and hold above the descending resistance illustrated in yellow. Failure to break above could expose downside towards the ascending support illustrated in orange.

That's it, that's all - trade safe - trade well.

Michael Harding 😎 Chief Technical Strategist @ LEFTURN Inc.

Information and opinions contained with this post are for educational purposes and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors. Before deciding to invest in Forex you should consider your knowledge, investment objectives, and your risk appetite. Only trade/invest with funds you can afford to lose.

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