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Instrument: GBPJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 156.458 with take profit at 156.744.
Bearish Preference:
Sell position is envisaged if price trades below 155.844 with take profit at 155.456.
Fundamentals:
No major Fundamental.
Comment:
First, We look at the daily chart and you can see two things: Major support and major resistance. The latter is more important right now as we just bounced from it! talking about the 158 area (green), which already stopped buyers in October and January. It also stopped buyers yesterday, which allowed the pair to create a nice upper shadow on the daily candle.
Analysis: SCRUM Team
