In our last post for the GBPJPY, price was moving up towards the resistance
level at 164.65 from the high of March 28th.
It took just two trading days from that post for price to make contact with this
level, but price appears to have slowed down.
This tends to happen around support & resistance levels, and in this case,
it is just a display of the buyers losing momentum.
The buyers may be resting before the next move up. We could even experience
a pullback before that happens, but the current trend is bullish, so as long we
continue to see a pattern of higher highs and higher lows, then the bullish move should continue.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
level at 164.65 from the high of March 28th.
It took just two trading days from that post for price to make contact with this
level, but price appears to have slowed down.
This tends to happen around support & resistance levels, and in this case,
it is just a display of the buyers losing momentum.
The buyers may be resting before the next move up. We could even experience
a pullback before that happens, but the current trend is bullish, so as long we
continue to see a pattern of higher highs and higher lows, then the bullish move should continue.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
