GBP/JPY November 26 2023 - Idea.
My students, whom I have taught how to trade forex, have almost two years that they know that the price is likely to reach 200.00.
If we look at it with a naked eye, without technical analysis, just by recognizing chart patterns, we see a double bottom formation, whose neckline has been broken and retested. The next move? Towards the resistance at 192-200. (3M)
https://www.tradingview.com/x/avTwYceH/
On the 1-month chart, we can observe more rejections than in the weekly view. Around the 150 zone, we broke the neckline of (3M), and then this zone has been retested several times. After the retest and subsequent rejection, the price started to rise towards 180,000 - 185, where it stayed for several months.
https://www.tradingview.com/x/X0TDosrk/
Now, we see that we have had four days where this candle is closing, and it's actually performing well.
On the daily chart, we notice that it's at a point where a potential higher high (HH) could be formed now.
On the chart, we see that there is a resistance that has been broken. If it stays above this resistance, which is now acting as support, upon retesting, if it reacts well, a buy could be considered up to 190-192 initially.
In case it doesn't hold above this zone, then I would prefer the price to drop to around 185 to see another opportunity for a buy.
If we look at it with a naked eye, without technical analysis, just by recognizing chart patterns, we see a double bottom formation, whose neckline has been broken and retested. The next move? Towards the resistance at 192-200. (3M)
https://www.tradingview.com/x/avTwYceH/
On the 1-month chart, we can observe more rejections than in the weekly view. Around the 150 zone, we broke the neckline of (3M), and then this zone has been retested several times. After the retest and subsequent rejection, the price started to rise towards 180,000 - 185, where it stayed for several months.
https://www.tradingview.com/x/X0TDosrk/
Now, we see that we have had four days where this candle is closing, and it's actually performing well.
On the daily chart, we notice that it's at a point where a potential higher high (HH) could be formed now.
On the chart, we see that there is a resistance that has been broken. If it stays above this resistance, which is now acting as support, upon retesting, if it reacts well, a buy could be considered up to 190-192 initially.
In case it doesn't hold above this zone, then I would prefer the price to drop to around 185 to see another opportunity for a buy.
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