Reasons for buy:
1) We have a strong resistance at 0.88800 at the weekly chart
2) Hitting demand zone
3) Strong engulfing candle on 4 hour chart, which is a good entry and make the daily candle forming a pin bar, which means the bulls entered
Gold hit the demand zone which means the price will go up.
The trend on higher timeframes is also bullish.
It also touches the lower support of the uptrend channel.
There are different signs for the UDDJPY to drop:
1) Strong resistance at 104
2) Price hit a supply zone
3) The overall trend M/W/D is downtrend and we are close to hit the upper channel resistance line
If my analysis is correct and will happen like this, we take half of the profit at 103 or 102.7 , depending on the candle formations on 4 hour time frame.
If you...
I believe GBPJPY will drop in the next days.
We can see a good resistance line at 141.2 and a Supply zone which supports the decision.
The Risk:Reward is 1:4.
Good luck
