GBPJPY hit our sell target at 143.70 during an impressive flight to safety this week. It stalled at this level and started turning up. My trade plan for now is to wait and see if it will re-test resistance at 145.70. A re-test of 145.70 could also offer a selling opportunity and a H4 close below 143.70 would open up to the next key support area at 141.85 that was a critical area between 2010 and 2013. A break above 145.70 would again show signs of strength, so patience is key. If the recent surge in volatility is any indication, we could be in for a rough “summer” in the Northern hemisphere/”winter” here in the Southern hemisphere.

GBPJPY - STALLS AT KEY SUPPORT

Source: QUEEN OF POUND

6 thoughts on “GBPJPY – STALLS AT KEY SUPPORT”

  1. Daniel Chan - Forex.Today says:

    Maryna , Please help me how do you locate the support 141.85 ? weekly chart . Thanks

    1. Maryna says:

      Hey Daniel – H4 chart and more of a zone as lots of candles at that area/zone – what do u think of this area? Thanks for checking, cause we will have to wait and see if that area holds as support when and if it goes there at some point. I also allow for a 15 – 20p deviation at my support area’s.

  2. Daniel Chan - Forex.Today says:

    Thanks 🙂

  3. Dalmas Ngetich - FOREX.TODAY says:

    JPY inflation presure building up and positive-the first time in almost 2 years according to data, I really think support will be broken through with possible targets targets at 135-140.

  4. Dalmas Ngetich - FOREX.TODAY says:

    what do u think guys

    1. Maryna says:

      Hey Dalmas, I’m waiting to see what the market is going to do with the 143.70 level as per my post and I need to see who is taking control (Bulls or Bears) and they are now battling it out at the level and even gave a false breakout on the Daily on Thursday, but with only a few pips that was a false break-out and not good enough to sell. Look at the Monthly chart and very similar candlestick in Dec as is busy forming now although the month candle for this month not done yet.

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