MULTI-TIMEFRAME ANALYSIS - GBPJPY - BUY UPDATE

The pair headed to re-test the support turned resistance of the 4H symmetrical triangle before being rejected and falling within the support zone along with testing the trend line support. If the pair fails to break both support then we may see the pair head back up towards it last high and attempt to push beyond it. If the pair however breaks both support then we may see the pair fall back into the descending channel.

Suggested Trades

Buy Entry: 136.000
TP 1: 136.650 (last real body high)
TP 2: 137.350 (last wick high)
SL: 135.500 (lower level of support zone)

OR

Sell Entry: 135.500
TP 1: 135.000 (resistance turned support of descending channel)
TP 2: 134.350 (lower support of descending channel)
SL: 136.000 (upper level of support zone)

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