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GBP/JPY Potential Upward Movement

GBP/JPY Long-Term Trend: Bullish

Key Resistance Levels: 152.243, 153.297, 154.000.

Key Support Levels: 151.326, 150.454, 149.408.

Daily Chart:

The price on the higher time frame failed to break the strong daily support around the 151.326 JPY mark where the coin moved below it and then moved higher. We expect further movement to the upside toward the next key level.

GBP/JPY Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair broke the Wyckoff accumulation phase to the upside and it posted a double bottom which led to a reversal. A lower correction could be seen to the neckline before a new bullish impulsive wave toward the target profit.

Signal Idea:

Buy Limit Order @ 151.558

TP 1 @ 152.227

TP 2 @ 153.297

Stop Loss @ 151.327

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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