GBPJPY | WEEKLY FORECASTAfter hitting a Double Bottom in June 2020, The Pound began to build a Reversal structure this month (July 2020) as it Breakout of the neckline (134.000 level) last week.
Tendency: Temporary Uptrend ( Bullish )
Structure: Double Bottom | Support & Resistance
Observation: i. Our Double bottom describes a change in trend which emphasizes a momentum reversal from prior Bearish price action.
ii. This Reversal looks like a long term prospect but its appropriate that we take it on a week to week basis.
iii . A Breakout off of our Resistance Key Level (neckline) that has been respected since mid-June 2020 became our new Support level in the latter part of last week.
iv. As our New Support gets stronger with engulfing candle, a prospect for a Bull in coming week(s) becomes feasible.
Trading plan: BUY confirmation with a minimum potential profit of 300 pips.
Risk/Reward: 1:2.5
Potential Duration: 1 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
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