GBPJPY false breakout. Will fall

2021年1月12日

The price broke through the resistance zone at 141.375.
I believe this will be a false breakout for several reasons.

Firstly, the zone is formed by a strong resistance line formed in 2018.
It is crossed by the upper line of the ascending channel (resistance line) formed at the end of 2020.
Secondly, the last attempt to break this line was in 2019.
After the breakout of the strong resistance zone 141.375, the price will fall again.
I expect the price to break through the zone once again during the fall.
And it will come to the support line (lower channel line).
The target is 139.602.

-------------------
Share your opinion in the comments and support the idea with likes.
Thank you for your support!