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 🙂