GBPJPY bounce off of major support zone, new uptrend in motion.
GBP pairs showing some strength with Boris Johnson taking over from Theresa May.
If you go to the daily chart, you can see price reached the important support zone of 134.00.
On the 4 hour you can clearly see the downtrend with the multiple waves of lower highs and lower lows.
However, price is beginning to reverse and we have our first higher low at the 134.50 zone. The recent green candle is a testament to the strength and break of the flip zone.
Expecting this uptrend to continue as long as we hold this higher low and resistance break.
Target is the 135.90-136.00 zone.
If you go to the daily chart, you can see price reached the important support zone of 134.00.
On the 4 hour you can clearly see the downtrend with the multiple waves of lower highs and lower lows.
However, price is beginning to reverse and we have our first higher low at the 134.50 zone. The recent green candle is a testament to the strength and break of the flip zone.
Expecting this uptrend to continue as long as we hold this higher low and resistance break.
Target is the 135.90-136.00 zone.