GBPJPY IN A RANGE?
Based on the analysis from last week, a break of the previous week high could have further pushed the price of this pair higher. Possibly towards the psychological mark of 200.00.
This idea was also validated by the formation of the support level at the 186.97 mark, which is the Feb 2024 support that is keeping price up from going towards this year's low at 179.44.
This week's candle not only failed to break the previous week's high but also closed bearish, creating a new resistance and a range (190.949–186.974).
Now in the week we are going into, there isn't much data coming in for this pair... Could we hold this range until next month's data or will the new candle break the 2-week highs and move bullish? break the week lows towards the bottom of the range?
This idea was also validated by the formation of the support level at the 186.97 mark, which is the Feb 2024 support that is keeping price up from going towards this year's low at 179.44.
This week's candle not only failed to break the previous week's high but also closed bearish, creating a new resistance and a range (190.949–186.974).
Now in the week we are going into, there isn't much data coming in for this pair... Could we hold this range until next month's data or will the new candle break the 2-week highs and move bullish? break the week lows towards the bottom of the range?
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