Long term analysis for GBPJPY

As we can see on the daily chart there is a flag forming started by the master candle and we are expecting a short breakthrough with the sensitive news surrounding the pound currency. Both support and resistance supported by strong supply and demand levels as well as fibo retracement key levels. A breakthrough and closing below the strong support we can expect a downtrend reversal for the short term uptrend in the GBPJPY pair. With the SL also supported by a strong resistance area where we can see a strong buying power from previous data if it closes above that line. TP is supported by fibo extension levels as well as strong support areas with lots of selling power if broken.
Entry 138.30
SL 142.60
TP is variable

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