GBPJPY Price Action – Breakout Formation In Play | Dec 1
GBPJPY – Breakout Formation In Play After Intra-day Volatility (4hr chart)
Price action intra-day for this pair was a volatile one today. Intra-day the pair was bought up just above 185 and the dynamic support in the 20 EMA. The pair bounced off the lows regaining most of the intra-day losses, so bids were relatively un-phased by the heavy selling, still wanting to trade with the trend.
The overall breakout formation is still in play and the pair is now holding above 185.95/186. Any corrective dips into the lower 185 area could be considered a buying opportunity with a tight stop below the daily lows. Note the pair is holding above 186 over the last 10+ hours.
Upside targets remain 189 and 191. Only a daily close below 185 dampens the ST bullish outlook.
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