Market: GBPJPY
Interval: H1
Trend: Increasing
Levels:
Support – 231.86
Resistance – 233.48, 234.78

Description:

On the second bottom, investors could observe the forming of the bullish engulfing candlestick formation (Pic.1, pink rectangle), signaling that the bulls will try to break the resistance levels of 233.48 and later 234.78. What has to be also mentioned is that, the market has stopped at the significant 41.4% retracement of the increase wave.

All the above clearly points to the fact that the bulls have grown in power and that the trend should continue its increase run.

Pic.1

Omar Arnaout