GBPJPY Double Top At 157.76 Weekly Resistance?

  • Duncan Cooper , Senior Currency Strategist at ACY Securities

  • 15.02.2022 01:00 pm
  • #stocks , Duncan Cooper is a full-time trader and mentor and the Senior Market Strategist at ACY Securities. Trading full-time since 2009, Duncan's insights are from the battleground of real-time markets, not theory, and he thrives on educating traders to reach their financial goals.

Overview:


Watch the video for a summary of this week’s news releases and a complete top down analysis of the GBPJPY.


GBPJPY Monthly:


Monthly support at 148.45, resistance at 156.07, 156.59, and 158.21.


Price has rallied back to the 156.07 to 158.21 monthly resistance area and is range bound.

GBPJPY Weekly:


Weekly support at 152.84 and 149.00, resistance at 157.76.


Price may be forming a double top at the 157.76 weekly resistance level. A break of last week’s low would start to confirm the reversal.

GBPJPY Daily:


Daily support at 152.89, resistance at 157.76.


Daily chart is in an uptrend but is trading in the 156.07 to 158.21 monthly resistance area. Price has previously reversed from this area twice, proving that this is a strong resistance area.


Looking for price to fail at the 156.07 monthly resistance level and move back down the range.
 

Short term target 152.84 weekly support. Long term target 149.00 weekly support.
 

Watch the video for a full break down of my analysis on how you could trade this pair to the downside based on the 4 hour chart.

This content may have been written by a third party. ACY makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by any third-party. This content is information only, and does not constitute financial, investment or other advice on which you can rely.

 

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