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GBPJPY – Forming Coiling PA + Series of Inside Bars
For the last 8 days, the GBPJPY has been coiling in a very small range of about 60 pips, forming several inside bars in a ‘coiling’ like price action. In most cases, when the price action coils like this, it usually results in a very large breakout due to the compression in volatility, and then big expansion triggering a heavy imbalance in the order flow directionally.
For now, the pair is sitting above a key role reversal level in 172.7550 If this level folds, then 171 and 170 should be under attack on the quick. If the pair breaks heavy to the upside, then 174.25 and 175.15 will be put …... Keep reading