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GBP/JPY Potential Upward Movement

GBP/JPY Long-Term Trend: Bullish

Key Resistance Levels: 154.164, 154.647, 155.000.

Key Support Levels: 153.674, 153.202, 153.000.

1-Hr Time Frame:

The price on the higher time frame failed to continue its move to the downside where the price was hold above the support along a long wick bar to the downside showing that the buyers are in control of the market.  This could lead to a reversal and then a move to the upside toward the next key resistance levels.

GBP/JPY Medium-Term Trend: Bullish

10-Mins 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 has been posted to the support level to bring back liquidity before a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 153.675

Target Profit 1 @ 154.147

Target Profit 2 @ 154.621

Stop Loss @ 153.202

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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