GBPJPY (Bounce off or Break out ?)

9 de ago. de 2017

GBPJPY , resumed with it's bearish momentum from last week as expected but however support around 142,167 may hold and consequently could result in a bounce off the trendline , if the bounce of holds we can expect a long opportunity around the 142,167 key area. Another opportunity for further shorts could prevail if the trend line and support of 142,167 does not hold, we could potentially see a breakout around that level if pound weakness persists. Ultimately if the breakout is achieved a good opportunity to buy pound yen should be visible around the key support level of 139,156
For now we should let price action take it's course.