During this 5 years my journey in market, I learned that everything has a certain reason. And that why that cause the reason, I should find out to make a better analysis. So, here is what I find about this currency.
First, this GBJPY down deep already and hit the 126.470. This level is so important because it is the price respected by banks (central?) to make they think the GBP is so cheap. And they wanna buy it in this level. We will be so rare to see GBPJPY down below this number. GBPJPY only 2 times to down below this level. That is 2011-2012. And after that, GBPJPY never to be traded below 126.470. So, from this, we know that this level, 126.470 is so important for banks...(?)
And guess what?
18 March 2020, GBPJPY reached 126.470 and rebound from this level. This is important clue for us that institutions still respect this level and somehow think GBPJPY can not be lower from this price. So, they buy this GBPJPY and make it go higher...
Second, GBPJPY actually in bigger time frame, moving in ranging market between 148-130. For the last few days, GBPJPY maintain the position above 130, giving us a clue again, the big institution doing something there.
Third, GBPJPY stop to make on 19 May 2020. Yes, I also missed this fact, regarding to focus on the thought of movement i experienced last week and before.
So, I am now rather to take a netral position, or maybe my view slight now. I know many traders still in this currency. But with my analysis in big picture , i prefer stand netral. And see this GBPJPY make a move, at least prove that the will continue.
With this statement, I change all my view about this GBPJPY and take a side now.
And I make a new statement , maybe we are facing a "bullish reversal" now for this GBPJPY ....
I made a video for newbies that teach how to read a trend, and so on. Here is the link