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7 Feb 2022
GBP/JPY Price Analysis: Bulls and bears in battle at key H4 market structure
- As per the H4 chart, 155.40/60 guards a run to 154.00.
- GBP/JPY bulls need to clear the M-formation tops near156.50.
GBP/JPY is consolidating with the bulls holding the fort ear the neckline of the M-formation and refusing to go down without a fight. 156.50 is the M-formaiton's tops that bulls need to clear. While below there, there is a focus on the key supporting structure as follows:
GBP/JPY H4 chart
The price is climbing a dynamic trend line support and a break of which would be significantly bearish considering how strengthened the upside, in relative terms, appears to be.
155.40/60 is the area for the bears to break that could open the path for a run all the way back to test the prior breakout area near 154.00.