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GBP/JPY Potential Upward Movement

GBP/JPY Long-Term Trend: Bullish

Key Resistance Levels: 156.08, 157.97, 158.00

Key Support Levels: 154.82, 153.87, 153.41

Daily Chart:

The price on the higher time frame is in a clear upward movement where it posted higher highs and lows. We are in a middle of the correction which has the expanding wedge formation. Further upside movement is expected in the coming hours in the same direction of the main trend.

GBP/JPY Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame, we can see that inside the wedge pattern, a bullish channel is being formed. A lower correction is expected toward the highlighted zone before a rally all the way up to the target profit.

Signal Idea:

Buy Limit Order @ 155.35

TP 1 @ 155.76

TP 2 @ 156.08

Stop Loss @ 155.14

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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