Today price came down nicely on the gbpjpy. I like that todays candle showed a lower wick.
Price is right now at support:
Support level: 157.900 – 159.700
If tommorows candle keeps support intact and if we manage to see some bulls entering the market with a green closing candle then this might be a beginning of a bullish trend.
Stochastic seems to be wanting to turn up and if a bullish reversal candlestick pattern is provided by price then this pattern might be treated as a 123 pattern.
We just watch price and let it confirm our trading idea.
If the support level breaks at number 3 while we wait for the close of the candle then this trade idea loses its validity.
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