FX.co ★ ckerluke | GBP/JPY

Regarding GBP/JPY on Friday, after a slight southern pullback, the price reversed and was pushed upwards by a strong bullish impulse, resulting in the formation of a full northern candle that easily broke through and confidently closed above the resistance level, which, according to my analysis, is located at 195.883. Given the current situation, I fully admit that next week, after the completion of a minor southern pullback, the northern movement will continue. In this case, as I have mentioned before, I am planning to focus on holding the resistance level located at 199.777. Near this resistance level, two scenarios may unfold. The first scenario involves the price consolidating above this level and further rising. If this plan is executed, I will anticipate the price moving towards the resistance level at 207.995. At this resistance level, I will wait for the formation of a trading setup to determine the further trading direction. Of course, I acknowledge that during the price movement towards the designated northern target, there may be southern pullbacks, which I plan to use to search for bullish signals from nearby support levels, in anticipation of a resumption of the uptrend within the overall bullish trend. An alternative scenario for price movement when approaching the resistance level at 199.777 would be a plan involving the formation of a reversal candle and a resumption of downward price movement as part of a correction. If this plan is executed, I will expect a corrective pullback in price to the support level located at 195.883. Near this support level, I will continue to search for bullish signals, expecting a resumption of upward price movement. Of course, there is a possibility of targeting more distant southern targets, which, according to my analysis, are located at 193.535 and 192.949. However, even if the designated plan is implemented, I will continue to search for bullish signals near these support levels, expecting a recovery in upward price movement. In general, to put it briefly, next week I fully admit that the price will continue to move northward locally and head towards testing the nearest resistance level, and from there, I will assess the market situation.