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 🙂