FX.co ★ ckerluke | GBP/JPY

Regarding GBP/JPY, yesterday's trading day closed with an indecisive candlestick showing a slight bullish bias. It was evident that accumulation was taking place, which resulted in a bearish impulse breakout today. Currently, buyers are re-establishing their positions at the opening of the day. It will be interesting to see how today's trading day will close. If a clear bullish reversal candlestick is formed by the end of the day, I will expect another attempt by buyers to move towards the resistance levels located at 192.949 or 193.535. There could be two scenarios near these resistance levels. The first scenario involves the price consolidating above these levels and continuing to rise. If this scenario plays out, I will anticipate the price advancing towards the resistance level at 195.883. Near this resistance level, I will wait for a trading setup to help determine the further direction of the market. Of course, it is possible that the price may push even higher towards the resistance level at 199.777, but this will depend on the evolving situation and how the price reacts to the designated northern targets. An alternative scenario when approaching the resistance levels at 192.949 or 193.535 would be a reversal candlestick formation leading to a resumption of the southern movement. If this scenario unfolds, I will expect the price to return to the support level at 190.036 or the support level at 187.974. Near these support levels, I will continue to search for bullish signals, anticipating a price reversal to the upside. In summary, for today, I do not see anything particularly interesting locally, but if the price forms a clear bullish reversal candlestick, I will expect the nearest resistance levels to be tested.