💱 GBPJPY - Flag. An attempt to break through the resistance

GBPJPY is attempting to exit the channel. Against the background of a global bullish trend a set-up "FLAG" is forming, which can form a good bullish signal.

TA on high timeframe:
1) Bullish trend.
2) Moving averages 50MA, 100MA, 200MA - price support
3) Presumably, the correction ended at 167.7. The growth may continue in the near future.

TA on the low timeframe:
1) Price makes a retest of flag resistance (descending channel)
2) The ascending triangle is forming.
3) Resistance at 170.62 is key for us. If the price breaks the resistance, a bullish impulse is formed.
4) If the price does not break resistance, but returns to the channel, then from the channel resistance we will see a fall towards the middle of the channel

Key resistance: 170.62
Key support: 170.100

Trade geschlossen: Ziel wurde erreicht