GBPJPY: Support Breakout

GJ has been bearish recently and has dropped significantly and sharply. Price has broken the first support level at 165.00 and currently it has reached to the second support level at 159.800.

We can see that there was a descending triangle which has been broken to the downside.

Currently, price has reached to the second support level (S2) which has pushed the price to the upside and is holding the price for now.

If price breaks the last lowest low at 158.570, we can expect more drop on GJ towards the green level which is a demand zone around 155.600

What is your idea about GJ? Feel free to share your ideas in the comments.