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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 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

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