Bullish GBPJPY - 11 July 2024 - Technical Analysis

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GBPJPY

Bullish Closed

Charts by TradingView

A Price Action Ascending Triangle pattern formation on the 5 Min time frame chart supports GBPJPY Bullish bias. A break of 208.030 will support the rise towards the target of 208.135 the break of 208.135 would push the price to 208.205.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 195.996
Support S1: 195.953, S2: 195.906 , S3: 195.863
Resistance R1: 196.043 , R2: 196.086 , R3: 196.133

Summary

Instrument :

GBPJPY

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

62%

Entry Level :

208.030

Activation Time :

2024-07-11 10:15

Age :

27 Bars

Progress :

47%

Close Time :

2024-07-11 12:30

Time Frame :

5 Min

Status :

Closed

CHART ANALYSIS

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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.