According to our previous analysis - we took the failure of GBPJPY to break above the aforementioned level and the neutrality of this supply and demand zone as a bearish reversal for the pair before any legitamate breakout at either ends. In four hourly chart it had already started to move towards exponential moving average 50 and 200 but a closing below daily exponential moving average 50 and intraday moving averages would get us the confirmation of bears taking the orders to create a lower low. Market has now moved 170 pips in our favor according to our analysis and signal published on Great Britian Pound versus Japanese Yen on 11th Aug. We are now posting another signal on a short term buy from current market price because we have a strong supply and demand zone here at 151.25-151.50 that can give the bulls a chance for temporary gains. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Price action 151.25-151.50 has shown high liquidity and strong supply and demand acting as a support here to revert the losses made by pound. The relative strength index in four hourly chart has touched 30 and avoided from diving into oversold conditions by taking a bullish reversal. The interday and daily exponential moving averages applied on our four hourly chart would be our targeted destination i.e 152.30-152.80. Our upper trend line and ichimoku clouds lower belt are both situated at the aforementioned zone, these two can change the market trend if broken in four hourly chart and continue its major bullish trend in weekly. As long as we have these levels intact - causing failure to hawkish sentiments, we will stay bearish in daily timeframe on GBPJPY. Do keep in mind that its a short term buying trade in accordance to our aforementioned reasons for the hawkish execution so manage your funds well. 

GBPJPY TEMPORARY BUY

Aug 16 2021