Price line, on a descending channel
After a sharp ascend, GBP/JPY price felt into a descending channel. The price currently broke above the mid line of the channel. The ascending wave may continue to the top line of the channel. There are strong resistance levels at the top of the channel and ascending further than the top line is less expected.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The ascending wave could be continuing up to 157.2, growing further would be a hard task for GBP to achieve. Please note that a retest of the midline of the channel is possible. Buyers can be waiting for a retest of the mid line at about 156.4 and then bulls can target 157.3. Next targets for buyers can be set on 157.75. On the other hand, Sellers can be waiting for the price to reach to 157 and then can be waiting for a descending wave up to 157.96. The next targets can be set for 155.34 and 154.55.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.