Another long term trading opportunity for GBPJPY!
After a deep pull back, more bullish moves are expected on this pair!
Any bullish pattern and candlesticks on lower timeframe might be additional proof for bulls dominance!
Its a long term journey, patience will be needed for this one!
GBP was originally thought to be on an uptrend last week, but looks like the actual movement is currently hapenning. We had a huge break and retest of a signification resistance level. Looking to target nearest highs
Very strong resistance at 143.400, If we break that resistance looking for target 1 at 143.900 and target 2 at ~144.500. If we cannot break that strong resistance going back down to 142.500 support. If 142.500 break looking further down to 142.000. Keep in mind that Bank of England is more in favor to cut interest rates which could cause a bearish sterling....
The GPBJPY are in the perfect demand and supply zone, RSI, MACD and Stochi Indicators are clearly shows that there is great chance for bulls to take over the game. According to the fibonacci retracement the next stop will be 145.243.
We've seen the "Reversal rising wedge" on weekly time frame.
Every rising wedge has bearish character. This means a rising wedge reverses bullish trends and continues bearish trends. At the same time, every falling wedge has bullish character. So, falling wedges reverse bearish trends and continue bullish trends
GBPJPY, First target hit 260PIPs where ive called last week, now as GBP looks strong,it has a daily resistance on that level, we wait for the breakout and the next target we seek to the 147.400, its a long journey lol