GBPJPY IDEA
GJ tried and failed at breaking a key weekly support area and has now rejected heavily off of the Weekly Support Zone and has gone bullish with a strong momentum moving almost approx. 200 pips in a day on Thursday. Today is a weekend and I would be cautious trading the pair. Though past data shows that momentum did continue the next day with reference to the July 22nd move earlier. We are also fast approaching a bearish tend line on the Daily. If we respect the Trendline then we can expect bearish correction due to the extreme impulsive up move or break the trendline and do a retest and continue moving upwards as we would then have a break of structure.
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