long1996

GJ Daily Analysis

Long
long1996 Updated   
FX:GBPJPY   British Pound / Japanese Yen
Daily: Price has found support on the Psychological Resistance 144. A break above 144.75 would target the upper resistance at 146. A break below 144 would continue the descent to 142.75.
4H: The price has been rejected off the 143.5 region and formed a Pin Bar. A corrective rally to 146 is highly probable. However there is a bearish Marubozu just beside the Pin Bar, so the corrective rally might be held off at 144.75 region. More confirmation is needed to confirm the momentum.
1H: A Double Bottom formation & Inverted H&S can be seen on the support. The confirmed breakout above 144 will target 144.75 & 146. Focus on how price react to the Key Level 144.75.
Trade active:
Wait for price to consolidate above 144.75 for a further push to 146.
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