Our expectations: The short-term trend remains long after a successful support zone test, consisting of a horizontal support level, a major diagonal and a 23.6% Fibonacci retracement of the trend. The price breaks through and tests a long-term resistance zone - the dashed line of the chart. In addition to the positive moods are 50 and 200SMA, which remain beached. DeMarker is in an over-sales area pointing up - probability of ending the adjustment and starting a new upward momentum. Price Action - A bullish pin bar in a support area, clearly showing the advantage of bulls. The price goes above the top of the pins, activating the formation. I expect the upward momentum to keep in the hours during the Asian session.
SL: 146.75
Alternative Scenario: If the price goes below the level of support and stays there in several successive bars, the positive scenario will be spoiled and more likely to see a decline in the GBP/JPY.
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