GBP/JPY: getting down to significant support.

The GBP/JPY has been trading within a broad channel bound by the 179 and 167 levels for 12 months but is getting down very close to the bottom 167 level of this channel.

GBP/JPY monthly: shows that this trading channel is giving this chart a bit of a ‘Bull Flag’ appearance. The 179 and 167 are long-term significant levels of S/R for the GBP/JPY:

GJmonthly

GBP/JPY weekly: I am still seeing various patterns, currently a rising trading channel, within this broader 179/167 channel:

GJweekly

GBP/JPY daily: the 173 level has been a major S/R level and this falls in the middle of the 179/167 range. The 167 level is just below current price and I’ll be watching to see how this pair reacts if, indeed, it gets down this far. Any new close and hold below the 167 level could suggest a major reversal might be in store for this pair:

GJdaily

Summary:

  • The GBP/JPY has been trading within a broad channel bound by 179 &167 for 12 months.
  • Price is getting down close to the bottom 167 level.
  • Watch this 167 level for reaction to help determine the next major move for this pair.