GBPY showing upside potential,
Fundamentally
1- GBP Strength showed weakness against Stronger USD but nothing Direct to GBP
2- JPY still showing weakness and no Fundamental reason to change this view
Reasons to be Bullish
1- Upward Channel Still not Invalidated ( Could be viewed as invalidated and prices closed below it, a possible reason for less confidence )
2- Price Resting at support level
Reasons to be Bearish
1- A resistance level of Large supply is in GBPJPY way
2- Possibility of sudden supply that could drop the pair too low (possible BoJ support to Yen
Trading Plan
- 198.6 Stop loss or idea invalidation
- 201.5 First Target Take profit
- 199.4 Market Price