Thursday, January 18, 2024 12:10 AM EDT
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Today’s Forex market sees GBPJPY successfully extending its upside movement. Originating from 178.72, the pair has surged as high as 188.10.
As long as the price stays within the rising channel as show on the 4-hour chart, we anticipate the upside to continue. The line in the sand is drawn at 188.64, acting as the previous high resistance, which is our next targeted level.
However, it’s important to note that the pair has recently hit the top of the price channel. Hence, a period of consolidation is expected prior to an attempted breakout above the 188.64 resistance, with a trading range predicted between 186.70 and 188.10.
Lastly, don’t lose sight of the key support, now stationed at the lower end of the channel at 185.75. If the pair drops below channel support, it could serve as a signal for the uptrend’s wrap-up.
More By This Author:
EURUSD Continues Downward: Key Levels And Forecasts
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GBPJPY Continues Upward Post-Consolidation: Key Points To Note
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