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GBP/JPY Potential Upward Movement

GBP/JPY Long-Term Trend: Bullish

Key Resistance Levels: 155.187, 156.732, 157.276.

Key Support Levels: 153.307, 152.686, 152.401.

Daily Time Frame:

The price on the higher time frame failed to break below the strong support level around the 152.800 JPY mark. This might lead to a trap for bears and then a reversal all the way up toward the resistance levels. Lets move to the lower time frame to see what’s going there.

GBP/JPY Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the buyers succeeded to break the bearish trend line to the upside after a double bottom formation. A lower correction could be seen to the support level to bring back liquidity before a new bullish impulsive wave toward the target profits.

Buy Market Order @ 153.460

No Target Profit à Trailing Stop

Stop Loss @ 152.798

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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