GBPJPY → False breakout and reversal pattern

20 Ogo

GBPJPY is forming a false breakout of strong resistance from D1. A trading range (consolidation) is forming, and market participants are fighting for the 199.0 - 200.0 zone.



GBPJPY is consolidating at strong resistance. A fierce battle is underway for the 199.0-200.0 zone. Focus is on the Japanese yen, which is consolidating (against a backdrop of dollar stagnation). A decline in the JPY could trigger a fall in the currency pair.
The volume density point is located above 199.5. Locally, the price has confirmed a bearish structure, and a retest is forming on increased volatility (manipulation). A false breakout of resistance will return the price to support, which in turn will increase the chances of a further decline

Resistance levels: 199.5, 200.28
Support levels: 198.67, 197.68

A double top reversal pattern is forming on the chart, indicating the presence of strong limit resistance, but the pattern has not yet been realized. The trigger is consolidation support. Locally, I expect a decline from 199.5 to retest the trigger, the breakout of which could trigger the reversal pattern.

Best regards, R. Linda!

21 Ogo

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