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GBP/JPY Potential Upward Movement

GBP/JPY Long-Term Trend: Bullish

Key Resistance Levels: 157.389, 157.712, 158.000.

Key Support Levels: 156.137, 155.872, 154.500.

1-Hr Time Frame:

The price on the higher time frame succeeded to break the bearish trendline to the upside after posting a consolidation phase near the strong demand zone. A bullish engulfing pattern has been posted signaling that the buyers are ready to push the price higher.

GBP/JPY Medium-Term Trend: Bullish

15-Mins Time Frame:

On the lower time frame, the price showed momentum where a series of big bullish bodied bars has been formed and additional to that the recent high has been breached. Higher lows and highs has been seen this indicates that we are in a new trend to the upside.

Buy Market Order @ 156.323

TP 1 @ 157.321

TP 2 @ 157.712

Stop Loss @ 155.960

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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