GBP/JPY holds within a corrective channel
The weekly chart highlights two doji-style candles. The daily chart highlights mixed results for the last 19 trading days.
This lack of clear direction has resulted in a corrective channel formation being posted on the intraday chart.
Trendline support is currently located at 181.88. With bespoke support seen at 182.00, I am looking to this zone (182.00-181.88) as a solid barrier.
Conclusion: buying a dip within the 182.00-181.88 is regarded as a solid technical setup. The measured move target for the flag formation is located at 188.11.
This lack of clear direction has resulted in a corrective channel formation being posted on the intraday chart.
Trendline support is currently located at 181.88. With bespoke support seen at 182.00, I am looking to this zone (182.00-181.88) as a solid barrier.
Conclusion: buying a dip within the 182.00-181.88 is regarded as a solid technical setup. The measured move target for the flag formation is located at 188.11.