GBP/JPY Long-Term Trend: Bullish
Key Resistance Levels: 161.500, 162.132, 162.680.
Key Support Levels: 160.752, 160.020, 159.738.
Daily Time Frame:
The price failed to break the 160.572 (purple zone) mark to the downside and left a huge fake out around this area. This shows that the bears were trapped, and the bulls took control of the market which could lead to a higher reversal and a move to the upside.
GBP/JPY Medium-Term Trend: Bullish
4-Hr Time Frame:
On the lower time frame, the market posted a double bottom formation which halted the move to the downside and the market reversed to the upside. The price is leaving behind higher highs and lows signaling that we are in a new uptrend and the bulls might push toward the mentioned target profits.
Buy Limit Order @ 160.566
Target Profit 1 @ 161.313
Target Profit 2 @ 162.538
Stop Loss @ 159.824
Trade Safely 🙂