GBP/JPY Potential Upward Movement

GBP/JPY Long-Term Trend: Bullish

Key Resistance Levels: 164.32, 165.25, 166.36

Key Support Levels: 161.92, 161.16, 160.32

Daily Chart:

The price on the higher time frame has been in an uptrend for months and it had a pullback after having a good bullish run. The pair consolidated for some time and has found support at the 159.50 area and it is bouncing back after testing the level.

GBP/JPY Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price has reversed the direction recently after a short bear run. It has broken a level of 161.16 with good momentum. The pair has broken and retested another level of 161.92 before continuing momentum.  

Signal Idea:

Buy Stop Order @ 162.84

TP 1 @ 164.22

TP 2 @ 165.60

Stop Loss @ 161.46

Trade Safely 🙂