GBPJPY countertrend demand zone play
While the GBPJPY have been showing bearishness since July and broke former support at 172.356 (Blue line),
a small demand zone has formed on the way back up at 171.50 indicated by the blue box.
the major supply zone coincides with the former support, now expected to be resistance in traditional S&R analysis.
the strong bullish candle after a period of consolidation may represent short term buying.
Long with stops below the blue box (demand zone)
potential TP below the red box before major resistance.
a small demand zone has formed on the way back up at 171.50 indicated by the blue box.
the major supply zone coincides with the former support, now expected to be resistance in traditional S&R analysis.
the strong bullish candle after a period of consolidation may represent short term buying.
Long with stops below the blue box (demand zone)
potential TP below the red box before major resistance.
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