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Attempting to recover after getting hammered since dropping almost 500 pips from the 17th of this month, the GBPJPY has shown some potential price action reversal signals on the 4hr chart. A series of rejections manifested in a pin bar, and then another over a period of few days, with a small series of HLs (higher lows), suggesting a possible short term bottom.
If 139.60 holds, and it can clear 141 in the next push up, I suspect we’ll see an upside attack on 141.95, and potentially 144 again. However if the next swing up forms a LH (lower high), then we could see further selling and a retest of 139.25
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