GBPJPY – With-Trend False Break @ Top of Impulsive/Corrective Sequence (1h chart)
|Price Action Context
Bulls stepped in slightly ahead of the LT support we covered in our members market commentary on the 6th of February, followed by 2 very strong ST impulsive moves taking the pair 400+ higher. On Friday, we saw a short-term with-trend false break taking price back inside of the ST corrective structure which is part of a very clean impulsive/corrective sequence. If the ST support holds and bulls are able to clear the ST resistance, another bullish impulsive move higher is likely IMO.
Trending Analysis
MT/ST bias is bullish and pullbacks towards the ST support can offer potential bullish trading opportunities.
Key Support & Resistance Zones
R: 144.85 – 145.05
S: 144.05 – 144.25
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