GBP/JPY Buy idea, bullish candle at the support

Overview- GBP/JPY was in a correction and consolidation phase for the last
couple of weeks. However, on Friday, a big bullish candlestick was printed on the daily chart.
Can this be the start of a new uptrend? Let's analyze

Analysis - From the chart, you can see that price is still above the 100 day moving
average, which indicates the uptrend has not been broken. The recent down wave is merely a
correction. After many days of consolidation at the support, a big bullish candlestick has formed
on the daily chart. Thus, the likelihood of a new uptrend brewing is reasonably high now.

Probable trade set-up - Based on this, if the positive momentum is intact,
a buy @149.90-150.20 with SL below 149 and TP at 153 may be considered as a potential buy signal.

Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.