is a perfect example of why you should also look at te
higher time frames. If you would only look at the 30m, 1h, 4h, or even the daily you would quickly judge the GBPJPY
has gone up a lot already and that it would be very logical to go back down again. How ever when you take a look and the weekly and monthly you see that price is still rather low and it actually just started its way back up.
This is also what we see here on the weekly time fame for GBPJPY
. A long term upper range has been broken and its touching the same resistance now for the 3rd time. Which means chances of it breaking this time have only gone up.
So long term GBPJPY
would be a beautifull buy position to hold on to and add more buys a long the way up!!!