GBPJPY REVERSES FROM HISTORIC KEY LEVEL

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18 February 2021 | Updated: 18 February 2021

The GJ has rallied more than 500 pips since it broke with the 142.00 level and is trading inside of a massive bullish structure.

If we look at the avg. weekly range of the past 3 weeks it´s exactly 204 pips. This week this pair has rallied 230 pips to a massive key level in historic price action.

The avg. weekly range is capping the bullish continuation and the previous key level (146.40 is capping the downside.

Yesterday´s range is tight and inside a triangle (continuation patter) with the lows at that exact level of support.

Should the lows break we could see price dip to retest the weekly lows / previous weekly highs and weekly pivot confluence, not to mention the 2.618 of the last leg up.

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