? GBP/JPY Pullback Reaches 144 ema and 50% Fibonacci Resistance ?

Dear traders,

the GBP/JPY made a bullish pullback after a strong downtrend (red candles). The bears could soon regain control again and aim for the 130 target.

GBP/JPY

4 hour chart

The GBP/JPY pullback reached the 50% Fibonacci and 144 ema resistance confluence, which could end the pullback. A breakout below the support trend lines (green) and the 21 ema zone would confirm the downtrend (orange arrows and green check)). 

The first target is the Wizz 7 level at 130.80 but an extension towards the Wizz 8 target at 130 is likely too. Once price breaks below the 21 ema zone, price should stay under it. A re-break above the 21 ema zone and 144 ema could invalidate (red x) the bearish outlook.

The analysis has been done with SWAT method (simple wave analysis and trading).

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Good trading,
Chris Svorcik
Elite CurrenSea