GBPJPY Daily analysis - sentiment shift
Several factors pointing to a potential shift in sentiment from bearish to indecision or even bullish:
- Price tested and bounced off the 8 month trend line support this past week
- Head and shoulders type pattern where we see a higher low in agreement with the trend line support
- a test of and move north from the high volume node
These factors do not assume the start of an uptrend, but rather a shift in bearish sentiment and potential for reversal, to go long look for a bullish candle break above 142.34.
- Price tested and bounced off the 8 month trend line support this past week
- Head and shoulders type pattern where we see a higher low in agreement with the trend line support
- a test of and move north from the high volume node
These factors do not assume the start of an uptrend, but rather a shift in bearish sentiment and potential for reversal, to go long look for a bullish candle break above 142.34.