GBPJPY - Buy Opportunity

The price bounces from the support zone formed by the daily uptrend line, 145.00 support level and SMA200. RSI confirms the price reversal. MACD supports a possible upward movement. DMI is bearish but ADX line starts falling. It gives a signal that sellers lose their power. We have a buying opportunity with an entry level above the local swing high and stop orders below the local swing low. The primary profit target should be at 147.00 level. If the price reaches this level, the stop orders should be moved to breakeven. The 2nd profit target is 148.500 resistance level.

If the price drops below 145.00 level, it will be confirmation for possible downward movement to the lower support levels. If so, we will get new short opportunities which will replace this one.