Currency
by Seth Parker on September 17, 2018

GBPJPY Analysis – Getting ready for an upswing

Crypto market starts this week with a very low volatility but the same is happening on the Forex Market, where Monday starts with very small price changes. Hopefully, traders will warm up soon and w will be able to see some nice movements on the market. The first analysis is about the GBPJPY, which is loved especially, among the retail traders.

Last few weeks here, are great. The price managed to stop the down trend and climb back above the major supports. Sellers had many occasions to stop the upswing but wasted all of them. Currently, the price is below the last crucial resistance – the upper line of the giant wedge. The current bullish momentum, gives us hopes for an upswing.

gbpjpy daily

Price closing a day above the red line will be a super strong buy signal. The sentiment stays positive, as long as the price stays above the blue horizontal support. Breakout of this line will cancel the buy signal and the comeback below the orange line should bring us a sell signal. Although everything is possible, the probability of this is rather low.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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