GBPJPY price line started an ascending trend on 11th of November 2022. The price motion caused a bullish trend line to be formed on the price chart; this trend line is reflected as a red ascending line. The green areas above and below the price line indicate the most important support and resistance levels around the price line. As it is shown on the chart below, the price line has already broken below the mentioned trend line and is currently approaching the resistance level. Sellers should anticipate the price line to have another retest of the green zone above the price line and there they can enter short positions, expecting to see the price at the support zones below the price line.
• There is a resistance level at 169.022 followed by resistance at 170.000 and 172.300.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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