Forex Technical Analysis GBP / JPY | Our expectations:
An uptrend and a correction, with the price reaching the bottom of the price channel, where around 146.50 - 146.00 we can look for Buy Limit orders with a small stop loss at 145.50.
Strong levels where there is a diagonal support and a horizontal support area. Fibonacci 50% reinforce the level and the DeM - Sequential and Oscillator system show reversal potential as DeM (14) under 0.3 oversold market as a spin up can confirm the probability of long and Sequential is counted to 6, waiting for 9 to confirm the probability of long.
Breakout below 200SMA should not bother us here, as we see that back in time there has been a similar breakthrough 2 times and rebound after about 220 pips under the breakthrough, where we can look for limit long positions.
Alternative Scenario: Breakthrough under the diagonal support and 50% Fibo will break the positive scenario and may lead to a long-term change in the trend to short.
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