Time to Trade GBPJPY? Take a Look at This Chart

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We see that for this currency pair throughout the previous trading week, the market continued to move sideways inside the green channel. The price is gradually approaching the lower wall of the yellow channel and, most likely, in a few days the support level of 139.50, located on the yellow bound, will be reached.

SELL GBPJPY        BUY GBPJPY

In the case of a rebound from this level and a break of the upper green wall near 141.78, the bulls will open the way to the upper bound of the yellow channel and the resistance level of 151.27. In this case, the next coming trading days will be very interesting, as we will expect a powerful uptrend.

However, if the price goes below the level of 139.50, and then we see a break below the lower green bound and the level of 138.80, the upward scenario will lose its relevance. In this case, the preference will be given to bears.

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