True Forex Trader

Just a quick update.

Price failed to break 228.00 level mentioned earlier. Note, that I use only close price and ignore spikes. The highest Close price was 227.80 while the spike reached 228.27 (it probably took out many stops at that area…)

We saw that resistance at 228.00 area held and therefore formed a double top pattern.

It cleared the picture: it was an accumulation between roughly 225.00 and 228.00 levels and finally today we saw a distribution - price broke 224.50 level - last support point and fell down in acceleration.

Now the nearest support is at 222.23 - 222.00 area. Where falling below 222.00 can push GBP/JPY to 219.30-219.00.

We are in a clear downtrend.

Good luck and healthy profits!

Filed under: GBP/JPY Forex Trading