GBPJPY - STRUCTURE BASED TRADING

GBPJPY compared to GBPCAD has yet to rally after Brexit news release but it has presented a really good structure setup with

FOUR LONG BIAS CONFIRMATIONS
1.since we still in an uptrend, we had a significant pullback to the 141.000 previous resistance level which was a weekly timeframe key level, producing three bounces off the level on a daily timeframe.
2. as much as support and resistance is important, so are candlestick reversal patterns, an ENGULFING candlestick is one of the most powerful reversal candlesticks in the market as the size of the candle represents the amount of buying or selling power is present at that level, which in most cases it also signals a major trend reversal, in this case, a 200 pip bounce from the weekly level signified that there's alot of buyers looking to take prices higher.
3.the 3rd retest of 141.000 key level produced another ENGULFING candle with a doji and inside bar off the daily timeframe trendline creating a higher low, signaling a strong long bais
4. One more confirmation is the 78.6 fib retracement.

STRUCTURE BASED ANALYSIS - LETS SEE HOW IT PLAYS OUT