GBP/JPY:
Our expectations: The upward trend is likely to continue after a higher bottom and price action signal. Entry after slight correction at levels 144,22 with stop loss at 143.65.
Alternative Scenario: If the price goes below the bottom shadows of the last two bars, the likelihood of a short will increase.
Comment: Short-term clear uptrend and correction to 38.2 Fibonacci.
Horizontal support area and higher bottom - increase the likelihood of a new upward impulse.
Price action: "Pincers" at levels of support - a positive signal.
Price above SMA200 and under SMA50 - long positions are still more logical.
Trader Nikolay Georgiev
Varchev Traders
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