Bullish GBPJPY - 07 June 2023 - Technical Analysis

EURUSD Forex

GBPJPY

Bullish Closed

A Price Action Ascending Triangle pattern formation on the 4 Hour time frame chart supports GBPJPY Bullish bias. A break of 173.251 will support the rise towards the target of 174.659 the break of 174.659 would push the price to 175.598.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 193.7
Support S1: 193.66, S2: 193.62 , S3: 193.58
Resistance R1: 193.74 , R2: 193.78 , R3: 193.82

Summary

Instrument :

GBPJPY

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

64%

Entry Level :

173.251

Activation Time :

2023-05-26 13:00

Age :

348 Bars

Progress :

99%

Close Time :

2023-06-07 21:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

There are no signals right now

Ascending Triangle

An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trend line to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.