GbpJpy -> Perfect Market Behaviour

Hello Traders,
welcome to this free and educational multi-timeframe technical analysis .

On the weekly timeframe you can see that GbpJpy is currently retesting a quite obvious previous weekly resistance area at the 172 JPY level which is now turned resistance again.
You can also see that as we are speaking, GbpJpy is creating bullish weekly market structure, moving averages are also quite bullish on the weekly timeframe so I am now just waiting for a clear break above the zone, followed by a retest and then I do expect more continuation towards the upside.

On the daily timeframe you can see that GbpJpy already rejected the previous resistance area a first time towards the downside, now we are retesting the zone again and there is a higher chance that GbpJpy will break the zone and then I do expect more continuation towards the upside.

Thank you for watching and I will see you tomorrow!

You can also check out my previous analysis of this asset: