- Analytics
- News and Tools
- Market News
- GBP/JPY Price Analysis: Weekly W-formation remains in play
GBP/JPY Price Analysis: Weekly W-formation remains in play
- GBP/JPY bears engaging in a phase of distribution.
- Bears to target the neckline of the weekly W-formation.
As per the prior analysis, GBP/JPY Price Analysis: Bears move in following bull rally, weekly W-formation eyed, the price is indeed making progress as per the W-formation. The following illustrates the market structure on a weekly time frame and prospects for a setup on the lower time frames:
GBP/JPY prior analysis
In last week's business, it was stated that ''the neckline,'' of the W-formation, '' has a high completion rate for the price to restest the zone, near to 153.40 in this case.''
GBP/JPY weekly chart
As seen, the price is starting to melt and traders can begin to look for bearish market conditions on lower time frames and structures from which engage:
A break below 156.30 would be a welcome outcome for the bears seeking confirmation of the downside bias followed but a break of 155.90:
With that being said, there are prospects of a move into the resistance prior to the downside breakout, if indeed, this is a phase of distribution.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
