GBP/JPY: Corrective structure below mid-term resistance
|Price Action Context
After breaking below a short-term support on the 18th this month, price has been ranging below the broken support, treating it as resistance multiple times. Price is now again testing this area of resistance after strong buying intraday.
Trending Analysis
Short-term bias is bearish and the current pullback into the resistance can offer potential trading opportunities to bears with 132.15 being the next key support to look out for. A daily break and close back above 134.00 would put 136.00 back into focus.
Closest Support & Resistance Zones
Resistance: 133.50 – 134.00
Support: 131.75 – 132.15
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