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The price of GBPJPY is forming a breakout pattern at key support. Could this signal a move higher for the forex pair?

Watch the video to learn more…

Forex Chart Of The Day: GBPJPY Breakout Pattern Forming?

The price of GBPJPY could trade higher in the coming days if it can break out of a consolidation zone. The consolidation zone has formed at the previous highs of 136.50 which could act as support. 

The strength meter this week highlighted the Japanese Yen (JPY) as the weakest currency. The Great British Pound (GBP) has been stronger of late which could continue going into this week.

Currently the price is trading within a 100 pip range, a range at support can be seen as a sign of indecision between buyers and sellers. If the price were to break higher traders looking for the long opportunity could buy the market to the next level of resistance. The next level of resistance comes in at the previous swing highs of 165.80.


GBPJPY How TO Trade Forex 6-3-23

The price on the chart has traded through multiple technical levels and some observations included:

  • The daily trend is bullish with price making higher highs and higher lows.
  • Price is testing the previous supporting highs.
  • A consolidation range is building at support.
  • A breakout higher could offer traders looking to go a long an opportunity.
  • The resistance zone of 165.80 could be reached. 

Have you watched our Week Ahead analysis? You can see it here

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