On the GBPJPY daily chart, we can see that the pair is testing the strong long-term uptrend support 142.500-142.700 zone. This zone needs to hold for the upside reversal into the 145.500 level. A daily close below this zone would lead to an extreme downside continuation. Depending on the price action this is a good setup for both long/short trade entries.
Note: Look for the long trade entries with the stop loss below the 142.600 level.
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