From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with 5/15 minutes.
Looking at the history chart, we see that the GBPJPY currency pair from the very beginning of their trade moves south, where the historical maximum of 864.77 was established in April 1971, and the minimum at 116.79 until September 2011.
Looking a little closer to the current market situation, we can see that the emergence of a strong rejection of the level of demand at 125.50, caused four weeks lasting dynamic growth.
If we look at the daily chart, we see that the potential for growth may even reach the level of about 141.100. Although it’s worth taking into account local resistance 138.72 and downtrend line around which we may receive a response from the supply side.
Looking at the H1 chart we can see that for several days the market moves in the growth channel . We are now in the vicinity of the lower limit, and if only the level will defend itself, we expect a continuation of growth
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