GBPJPY possible sell & buy zone!

23 Okt 2022GBPJPY (4h) had a strong liquidity grab on the last day of the last trading week giving us a possible pathway to buy and sell. As the weekly close, our price has formed a weekly doji just above a weekly resistance zone. From a daily perspective, we see GBPJPY has also grabbed liquidity from the support zone creating a lower high on the daily. From the 4H perspective, we could potentially see a retest of the previous resistance zone @ around 168.31. Upon rejection, we may see GBPJPY drop to the support zone @165.766, which is also daily support. A possible bounce from this level is expected to create a long-term upward channel.

Therefore, upon price action confirmation, we could find bullish and bearish trade as sketched in the chart.

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