We are seeing a classic technical squeeze, with price action moving between two key trendlines:
Green Trendline (Bullish Support): This ascending trendline has been respected since mid-2020, marking a strong uptrend. Each pullback has been met with higher lows, keeping the bullish momentum intact.
Red Trendline (Bearish Resistance): Since late 2023, GBP/JPY has been making lower highs, creating a descending trendline. This forms a clear triangle pattern, signaling indecision and tightening price action.
Current Situation: Price is at a critical point, trading right where the bullish support and bearish resistance converge. A breakout in either direction could signal the next major move:
Potential moves:
Break above the red trendline = Potential continuation of the long-term uptrend.
Break below the green trendline = Possible trend reversal, opening room for deeper downside.
The next few monthly candles will be crucial—watch for strong closes outside the triangle.
Green Trendline (Bullish Support): This ascending trendline has been respected since mid-2020, marking a strong uptrend. Each pullback has been met with higher lows, keeping the bullish momentum intact.
Red Trendline (Bearish Resistance): Since late 2023, GBP/JPY has been making lower highs, creating a descending trendline. This forms a clear triangle pattern, signaling indecision and tightening price action.
Current Situation: Price is at a critical point, trading right where the bullish support and bearish resistance converge. A breakout in either direction could signal the next major move:
Potential moves:
Break above the red trendline = Potential continuation of the long-term uptrend.
Break below the green trendline = Possible trend reversal, opening room for deeper downside.
The next few monthly candles will be crucial—watch for strong closes outside the triangle.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.