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GBPJPY: Testing 134.500!

Daily Time Frame: Starting on the daily notice how price is consolidating in this range. Yesterday price came and tested as resistance and rejected. Today, we have a bounce or break situation as price is back at areas of resistance.


4Hr Time Frame: Scaling down a time frame, notice how price is creating a potential double top formation at this area of resistance 134.500 key psychological. If price manages to close and hold below this area, look to sell it down to support 132.500 key psychological. However, if price ends up breaking and closing above resistance, look to reevaluate price action. Due to uncertainty of market fluidity, risk management is highly recommended.


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