GBPJPY is trapped in a consolidation between support area of 136.00 and resistance near 148.25. In second half of April there was a dynamic rebound from aforementioned support, where the quotes without any correction followed to resistance at 148.25
There appeared a bearish response resulting in a correction. This week’s correctional movement abolished 50 percent of last growth impulse, and yesterday drawn a bullish pin bar.
Bearing in mind the above, it may turn out that correction will be completed in this place, and previous strong growth will continue. With this scenario closest target for potential gains will be the upper limit of consolidation at 148.25.
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Alternatively, negation of bullish pin bar can lead to deeper declines and in result could be closed weekend bullish gap that was created at the opening of April 24th session.