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R.Linda Trading - forecast

GBPJPY - Buyers increase positions to break 195.5 ↑

2024-10-11 10:35 FOREX forecast

💡Ideas For GBPJPY 🇬🇧🇯🇵

📈 Buyers increase positions to break 195.5 ↑

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GBPJPY continues to climb purposefully towards 195.5, forming a consolidation in the form of an ascending triangle. The goal of this maneuver is to break the resistance with further continuation of the upward movement..

The bulls are trying to keep the defense above the key support at 193.5. The change of the fundamental background for JPY strengthens the sales of the national currency, which favorably affects, in our case, GBP. As a consequence, the market starts testing 195.5 with the aim of a breakout. GDP in UK remained at the same level of 0.2%. There is important news ahead - PPI. Based on the previous economic data, we can assume that PPI will also support the dollar, which will negatively affect the JPY. On the background of this influence, the bulls will be able to overcome the key resistance.

Support levels: 193.5, 191.7, 190.0

Resistance levels: 195.5

The acutal situation on the chart is directed towards the continuation of the movement. The market structure is changing, the fundamental background is on the side of the buyer. We are waiting for the breakthrough of the key resistance (trigger) and the continuation of growth...

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