GBP/JPY: The pair is on a key level, Awaiting signal for long or short

GBP/JPY:

Date: 8 September, 2016

H4 Graph: Medium term and Short term long trend

Price started going up from the bottom from 129.00. After that price made a correction from the high from 139.00, now the price is on a horizontal and diagonal support. Due to the price action at the moment and the news from ECB. it is better to wait for signal and confirmation for the next move, when the price break above or below the consolidation channel that is indicated. 50 МА is above the 200 МА

Price Action: Two equal bars/ticks at 135,385 - possible signal for reverse of the short move and signal for long.

If the price holds its trend, a move higher and break above 136,200 will confirm and give us a signal for new long or if the long diagonal support line is broken then move below the 135,300, will give us a signal for short.

Scenario: Depending on the break of the indicated consolidated channel will confirm the next move of the pair and give us a signal to look for entries in that same direction.

SL: will be above or below the full channel, around 80 pips.

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