Long bias on GBPJPY based on the following
1. daily hammer at monthly support 136.0 with confluence of weekly upward trendline.
2. tweezer bottoms/bullish engulfing at 136.0 on 4hr timeframe
3. at 2hr timeframe inner trendline broken by bullish engulfing.
3. entry @ 136.33 to target 137.42 and 138.16. SL @ 135.22
Long term view of pair is a bullish bias up to 1.7550 final target with initial target being 1.7375
Bias based on inverted head and shoulder pattern as well as anticipated retracement of long term bearish pair(daily) to form the third touch of the bearish trendline on daily chart
pair has been in a bearish channel for a while. It is currently sitting at 61.8% fib from previous high from a key level area. Counter tredline has been broken on daily. pair heading towards 104. long term trade