Hi guys, here is my analysis about OANDA:GBPJPY.
How can you see OANDA:GBPJPY was pushing up very strongly.
Now is five weeks that it is moveing trough two zones:
RESISTANCE ZONE = between 141.493 and 141.293.
SUPPORT ZONE = between 139.130 and 138.972.
What will happen next?
By my point of view there are two possible scenarios:
Price broke down and fall to the trendline that follow the uptrend (TP: use trailing stop or close at the trendline touch);
Price broke up and continue to push up (TP: use trailing stop).
To enter this trade I would like to wait for a retest of the support or of the resistance broken.
For any question or suggestion, comment below.
Thanks for reading.