Potential Morning Star on GBP JPY WEEKLY

3 Eyl 2017

GBPJPY has formed a morning star formation on the Weekly Timeframe, which signals a potential reversal opportunity, if we look closely we can also see we have made a higher low then the previous low on the weekly, again indicating the Bulls are coming back into the market, id be awaiting a pullback on the pair prior to entering Long, also I would await to see the market reaction to North Korea latest missile prior to entering, as the JPY is used as a safe haven during uncertain times. Potential 141.50-141.70 could present good Buy opportunities to ride up to at least 145.50 area. This is a very fast moving pair, so ensure your stop loss is a good distance away from your entry as this can be highly volatile during USD news as well as GBP and JPY news.
Could this be the time we see a break and close above the 148 area on this pair over the next few weeks.
Remember JPY is strongly linked to risk aversion, so if there is a lot of uncertainty in the world e.g. a War then we will see JPY strengthen.