The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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The GBP/JPY pair dropped in the short term, which was natural after its strong leg higher. It could only test and retest the near term support levels before jumping higher again. The price is located at 187.56 at the time of writing. The bias remains bullish despite the current drop as the Yen Futures maintain a bearish outlook.
Fundamentally, the BOJ Core CPI reported only a 3.0% growth even if the traders expected a 3.4% growth. On the other hand, the UK BRC Shop Price Index increased by 4.3% less compared to 5.2% growth in the previous reporting period.
From the technical point of view, the GBP/JPY pair dropped within a down channel (flag pattern). This could represent a bullish formation.
It has found support on the 38.2% retracement level (187.03) and has now turned to the upside again. False breakdowns below 187.08 signaled exhausted sellers. Now, the instrument is challenging the 23.6% Fibonacci level (187.65). The downtrend line and 187.83 represent upside obstacles.
Testing and retesting the flag's resistance and registering false breakouts should announce a new sell-off. Still, only a bearish closure below 187.00 activates more declines and is seen as a selling opportunity.
Jumping and closing above the downtrend line and above 187.83 validates upward movement. This brings new longs.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
