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GBPJPY – Forms Large Engulfing Bar
For the first day in six, the GBPJPY closed bullish, although this time it did so via a large bullish engulfing bar (which almost took out the last two days of selling – see daily chart below). You can see how the impulsive bullish price action started with an intraday pin bar on the 1hr chart (also a double bottom) off the 148.30 level, whereby the pair climbed for over 230 pips straight.
Intraday Pin Bar 1hr Chart
The intraday charts are showing consolidation after the large impulsive move, suggesting more upside. Any pullbacks towards 148.50/30 area would be potential places to go long. In terms of upside resistance, once it clears 150.90, 151.84 …... Keep reading