Let's analyze the currency pair GBP/JPY, based on technical analysis. We will focus on the levels of support and resistance of the weekly pivot, the basement indicator, and the indicator that forms the 1-2-3 patterns. Let's concentrate all attention on the chart.
The Vertex indicator today, during the opening of the Asian trading session, signaled that the currency pair was oversold, and after that, a sharp increase in quotes began. Confirmation of the indicator signal occurred during the European trading session. The confirmation of the signal came with a divergence, which strengthens it. The moving averages with periods of 200 and 50 show a young upward trend, which is in line with the signals of other indicators. Buyers were able to form a 1-2-3 pattern, indicating their intention to turn the quotes upwards. Buyers also managed to confirm the 1-2-3 pattern by breaking through the 213.306 level, demonstrating their strength. In this situation, I have already waited for a price pullback to the level of weekly pivot support at 213.795, where a buy position was opened.
