GBP/JPY Long-Term Trend: Bullish
Key Resistance Levels: 161.681, 162.375, 163.000.
Key Support Levels: 160.980, 160.460, 159,478.
Daily Time Frame:
The price on the higher time frame could not continue its move to the downside and faced a strong resistance which led to the formation of the double bottom pattern. A reversal occurred and the price is about to move higher again in the same direction of the main trend.
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 higher low 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 Market Order @ 160.980
Target Profit 1 @ 161.681
Target Profit 2 @ 162.375
Stop Loss @ 160.282
Trade Safely 🙂