GBPjpyCHART ANALYSIS

This is weekly chart analysis of the Forex Mechanics on GBPjpy. Possibly two charts were analyzed but we are only presenting one here which is the weekly chart. Now let's see the chart.

The price is trending up so what we want to know is whether there is the probability of trend continuation or reversal . We will publish the analysis at 8am GMT+1.
See you then

The Forex Mechanics think the Gbpjpy will go back North beginning on or before the 1st of November. Why? On the weekly T.F the price has tested 167.400 almost about 5 times and has failed to break that Support.Again if you look at the white trend line it acted as a resistance before and has now become a support. That trend line was tested twice, one in June 2013 and the second in Sept. 2013. Finally it was broken. And again it was tested as support first in Feb. 2014 and it could not be broken.
Now this is the interesting part. At the time it was tested the price got to it and formed a long hammer followed by a bullish candlestick that suggested a very long position is being taken by the Institutional traders.
That line has been retested again with another long hammer with a very strong bullish engulfing candlesticks suggesting that history is about to repeat itself.
In conclusion the Forex Mechanics believe GBPjpy will resume North to retest the upper channel which has also been tested twice. Giving us about 500 pips.
At the beginning of October we told you GBPjpy will go south and we thank God it has made over 900 pips this month alone..
We will suggest you don't go long yet . just wait till you hear from us.
Later in the day we shall analyze GBPusd

SHALOM   .