Tonight I will buy GBP/JPY @ 129.91 with TP @ 130.64 and SL @ 129.40.
In my opinion based on the hourly chart there is a good chance the price will test the highs seen 2 days ago around the 130.84 area. My reasons being :
1. the price has bounced of the hourly trend line on two occasions and has broken minor resistance in the 129.75 area with next resistance around 130.50-130.75 zone.
2. the price has broken above the 100 EMA on the 5, 15, 30 minute charts showing that immediate downward pressure is easing allowing for a test of recent highs and resistance on the 4 hour chart.
3.RSI on the 15,30 minute chart is in oversold territory while the price remains above the MA
