GBPJPY BUY

GBPJPY

If the price successfully manages to break above the 38.2 level on the Fibonacci chart, it could indicate a potential bullish trend in the market. In that case, we may witness a retest of the 61.8 level or even a break above the previous highs. Furthermore, the break of our downward trendline suggests that the market could be shifting towards a more positive direction. Upon examining the 1-hour time frame, it is evident that the bulls are currently in control. This observation is supported by the Exponential Moving Averages (EMAs) which suggest that the market is currently experiencing a bullish trend. However, we need to be cautious and observe how the price responds in the future, especially after being rejected at the .50 Fib level.


Alternative Scenario:
If If the 38.2 level manages to hold as a reliable support, it could indicate a potential continuation of the downtrend. This means that the price could continue to move downwards, as opposed to reversing and moving upwards.