The GBPJPY has been moving in an upward trend since October 2016. From April 2017, the quotations are located in a clear growth channel, the upper and lower limits of which are very carefully respected. On Wednesday last week the pair overcame the bottom limit (support) of the channel and on Friday the price reached the nearest support at 145.20.
The beginning of today’s Asian session indicates a correction attempt, which may be a return to the channel support, which is now a dynamic resistance. There is a high probability that after completion of probable adjustment, the pair will return to the declines for which the first target may be the local support level of 144.00. The correction may be a good opportunity to join the declines and in the event of an appropriate Price Action signal to submit a Sell order.
