Forex Price Action – GBPJPY Update | Jan 24th
Yesterday in my market commentary, I talked about the likely bottoming structure in the GBPJPY on the 4hr chart. The series of HLs (higher lows) along with a pin bar reversal signal suggested likely more upside. This is exactly how it played out, clearing the key resistance at 141, 141.95, and is now sitting about 100 pips north, so hopefully you profited from that.
Now approaching a large channel top around 143, if this breaks watch for price action reversal signals at 144 or 144.50 which are the key swing highs from Jan 17th and 13th respectively where there are likely sellers.
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