πŸ”΄ GBP/JPY Daily Chart Testing Key 144 ema Plus H&S πŸ”΄

2 min read

Dear traders,

the GBP/JPY is testing the 144 ema resistance (red box) after bouncing at the 50% Fibonacci support zone (green box). A bullish breakout could confirm a move higher.

GBP/JPY

Daily chart

The GBP/JPY might be building a wave 3 (light purple) but there needs to be a clear daily candle closing above the resistance zone and 144 ema close. A breakout could trigger a wave 3 (light purple) of wave A (purple) that will retest the previous top.Β 

A failure for price to break the head and shoulders pattern resistance level could trigger a retest of the support (green) trend line. A bearish breakout below that support line could turn the table and indicate a bearish outlook towards the next Fibonacci levels.

The analysis has been done with SWAT method (simple wave analysis and trading).

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Good trading,
Chris Svorcik
Elite CurrenSea

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