GBPJPY analysis for Week 6

FX:GBPJPY   British Pound / Japanese Yen
Weekly: On weekly timeframe , yesterday we saw a bounce from 18EMA
Daily: Price formed a hammer candlestick and bounce from the parallel channel .
There are 2 scenarios here:
  • If price breaks below the parallel channel and close below the 50MA on the daily timeframe . I then will expect 147.500 to be met
  • If price bounces from the parallel channel again with MA crossover on the 2H timeframe. That's will be my favorite trade and 155.00 could be met again
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