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GBP/JPY Potential Upward Movement

GBP/JPY Long-Term Trend: Bullish

Key Resistance Levels: 171.32, 171.98, 172.56

Key Support Levels: 169.34, 167.85, 164.82

Daily Chart:

The price on the higher time frame has been in an uptrend after forming a big rejection wick recently. The pair has found support at the 164.82 level and bounced back after testing that area which indicates a bullish bias.     

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 recently broke a resistance level of 167.85 and sustained above that. It has now also broken and retested a minor level of 169.34 before continuing the momentum. 

Signal Idea:

Buy Limit Order @ 170.08

TP 1 @ 170.97

TP 2 @ 172.31

Stop Loss @ 169.19

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.

One comment

  1. Good trading strategy

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