Good morning Traders!
GBPJPY
The market is in an uptrend on the Daily, Weekly, and the Monthly timeframes. Following the print of a new Daily Higher High, the market has been pulling back and is now near it’s averages on the Daily chart.
The area that the market is currently trading at is also the previous swing Daily high and a local level of Support and Resistance.
I am looking for signs that buyers are ready to come back to this market in the form of a reversal setup around this area of 174.40
Keeping in mind that the Weekly and Monthly charts are still very overextended, and we may see a further pullback, then I’ll be turning my attention to the 172.60 area.
Happy Trading!
