GBPJPY – CORRECTION COMPLETE FROM 161.8%

Technical

Monthly: Trading within a corrective channel formation. Trend line resistance is seen at 163.41. This is close to the 50% pullback level of 160.45 (from 195.88-125.02).

Weekly: Attempting to break through the trend of lower highs at 147.90. The move lower from the 2018 high (156.61) looks be mixed and volatile, common in corrective formations. A bullish Morning Star formation was posted from the low.

Daily: Although Fridays price action posted a bearish Outside Day, follow through selling has been limited. This could be seen as just a reaction lower from the 161.8% extension of 149.27 (from 139.90-145.69). Buying close to current levels offer ample risk reward.

We look to Buy at 147.54

Stop: 145.54

Target: 155.00 and 160.00

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