SimpleFX GBPJPY Chart Analysis: September 24, 2019

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We saw a strong price increase within the green channel in the direction of its upper bound. After reaching this wall, the market pushed off and began to move down. It is possible that now the market is dominated by bears, they can move the price to the support level of 131.95, located on the lower bound of the green channel. If this assumption is correct, then in the near future we will see a decrease to the specified level. However, there is a possibility that after such a strong trend, the bulls still retained their potential, if so, the growth may continue. If in the near future the price breaks up the resistance level of 134.15, which forms the red moving average, the growth will continue to the level of 135.87, which is located on the upper wall of the yellow channel.

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