GBP/JPY – Week 30 – Incoming correction

When we look at the 4h timeframe we have one move to the upside that started on the 20th of July. Now the price is near the resistance area at 153.5 and the higher probability move is a correction in this area after the price touches or breaks the resistance. This move can be a sharp correction that reaches the lower bound of the red channel marked on the chart or the support area. The lower probability move is a continuation to the upside without this correction, the price crawling up by making small consolidations.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial adice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.