The market has reached a major support zone on the daily (purple zone). A double bottom has formed before market closure for the weekend with the last candle on the hourly being a bullish engulfing, showing signs of a reversal. GBPJPY is known to open with a large market gap at times with it being likely to be opening lower than where the price closed, if it does, so this is something to look out for. We are hoping that the double bottom is respected, therefore giving us one confirmation to place a buy for this currency pair.
Any comments and feedback is appreciated :)
Any comments and feedback is appreciated :)