GBP/JPY, Technical Analysis – H4
Despite the massive and prolonged upward price swing, bulls have so far failed to update the structural high, preserving the overall bearish character of the chart.
Despite the massive and prolonged upward price swing, bulls have so far failed to update the structural high, preserving the overall bearish character of the chart. Failure to break above the 1,3450 level would serve as confirmation that the market is preparing for a new downward trend movement.
Key Levels:
□ 1,3450 (key resistance)
□ 1,3400 (first support / target)
Primary Scenario:
Reversal downward from the 1,3440–1,3450 zone, with the first target at 1,3400.
Alternative Scenario:
Breakout above 1,3450 and advance toward 1,3500.
Analyst Commentary:
Today’s focus for traders will be monitoring the 1,3450 zone for signs of strength or weakness.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.