GBP JPY has found the momentum back to move after making a few weeks consolidation. This is a good opportunity to open buy positions on GBP JPY.
2 days ago GBP JPY has found strong new support with 2 times strong rejection at price around 148.50. And with the help of Bollinger bands indicator and moving average I use, it is already clear that today's market has found the momentum back to continue the movement until the nearest resistance price is 150.00 or up to 152.00.
At 4 hours time frame, we have seen clearly that the market is looking for support at 148.00 but unable to reach that price, even the market only reaches 148.50 with a strong rejection candlestick pattern, the price approaches the lower of Bollinger bands, but the price bounced up again.
At 1 hour time frame is very clear from the pattern of movement 2 days ago that the market only survive at the price of 148.50 with several times the rejection lower Bollinger bands and support by candlestick engulfing buy pattern. This is a very strong price support.
Next price will find the new resistant at price 150.00 maybe even up to 152.00.
This is an opportunity to buy GBP JPY on your investment fortfolio.
Hopefully my analysis is useful.
