Key Level Reaction

FX:GBPJPY   British Pound / Japanese Yen
GBPJPY is approaching the key level of 148.100 quickly and we could see a very strong reaction. Price has not broken this level since June 2016 and has been tested twice. When tested, there was no consolidation phase, only a very strong bearish move following. We could see this again when price touches the level. However, if we do see a break, it could be a very strong move to the upside. On the 4-hour chart, we can see an uptrend forming. Price has just made it’s 2nd touch forming a bullish engulfing candle signifying possible bullish movement.


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