Jthomastrading

GBP/JPY PART 2 TREND ANALYSIS

OANDA:GBPJPY   British Pound / Japanese Yen
Now on the 4 hour timeline (also 1 hour) you can see that a uptrend has formed from the rejection of the key area (YELLOW BOX) It then goes on to break through the last major resistance (RED BOX). All of this indicated to me that we are having a reversal and heading in a bullish market. We would then be waiting for a pullback to that resistance/now support before a entry. RISK/REWARD RATIO - 2.22
THE PULLBACK WOULD BE BEST PLACE FOR BUY ENTRY