GBP/JPY: mid-term upward movement, which is a correction.
Uptrend price formation: upper tops, upper bottoms.
Price is at a diagonal support and a long formation: there is a bar with two even shadows, which is a signal for a possible reversal. This reversal bar doesn't give a signal, but gets the attention for a good probability.
The current bar is bullish, but its still open which makes it more riskier.
RSI is now on 50, but went back over 50 which is positive signal in addition to the price going over the 25EMA.
If price goes under 171.81 will change the situation to sell, which is why the stop loss is there
Sentiment: Bank of Japan Governor Haruhiko Kuroda speech from the last two days gives us the hint for a easing, which will have a negative influence on JPY.
Stefan D. Angelov - Head of Stocks Trading
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