In Uncertain Times GBPJPY May Be the Pair to Trade

After a major correction, we saw the bears reach the lower bound of the green channel. After that, there was a rebound, and the market began to move in an upward direction.

If in the near future we see a break of the resistance of 144.28, which forms the upper bound of the yellow channel, the way will open for the bulls in the direction of the upper wall of the green channel and the resistance level of 152.32.

The implementation of an alternative downward scenario is possible if the market continues to move within the bounds of the yellow channel.

That is, if the support level of 141.83 is broken, which is on the lower wall of the green channel, the bears will open the way to the lower wall of the yellow channel and the next support of 137.44.