GBP/JPY Long-Term Trend: Bullish
Key Resistance Levels: 162.300, 163.265, 164.600.
Key Support Levels: 161.166, 160.398, 159.467.
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 @ 161.340
Target Profit 1 @ 162.300
Target Profit 2 @ 163.265
Stop Loss @ 160.378
Trade Safely 🙂