Technical analytics

GBPJPY market technical outlook

GBPJPY
Daily chart:

Currency pair keeps a steady uptrend and so far undergoes a trending phase. Switching to correction is also likely as Wednesday trading goes inside the range of Tuesday (inside bar pattern). In case the day closes this way, the market probably will roll back to 140.41-140.65 (black trajectory).

Otherwise growth will be extended in direction 143.00-144.00 (blue arrow). 

H1-chart:

Local structure has a bullish tone, but undergoes the stage of corrective downswing building. We note promising demand levels, where buyers can regain control: 141.68 and 141.34. Trading tactic here might be seeking long-signals at these levels.

Conclusions:

Main scenario: Pullback to 141.68, then growth in direction 142.50 with aim at 143.00.

Alternative scenario: Decline to 141.34, upward reversal afterwards.

Trading recommendations:

Longs from 141.68 and 141.34 to 142.50 and 143.00.

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