GBPJPY - Strong Weekly Resistance Zone

2019-10-30 21:23:52

GBPJPY - Consolidation before continuation or is a correction in store?

I'm posting the 1 hour chart first. We can see price was initially rejected from 141.5 and then we see 140.6 being a key level that bulls couldn't hold as support after a short break above and also acted as resistance.

I will post the weekly chart in the comments. You will see that price is currently at a level with many weekly candle closes, confirming strong resistance level above.

The lower blue trend line was drawn from the weekly chart. The break above may act as support.

I also have been watching an equal weighted GBP index and it's showing similar signs of hitting strong resistance.