GBPJPY Setup 12/7/2021

As we look on GBPJPY, we currently see price rejecting the support zone that we drew up in our analysis on Sunday. As of now, price broke the H1 trendline and is now retesting the trendline with the possibility of going bullish till the bearish structure points are broken and deemed invalid. The previous H1 candle closed as a hammer doji, and if this hour candle closes as a bullish engulfing then that will be good sign of the H1 retest on trendline holding for now.

If you look on the 5 minute chart, there is a break and possible retest of the 5 minute trendline at Asian low.