GBP/JPY Long-Term Trend: Bullish
Key Resistance Levels: 156.05, 156.60, 157.00
Key Support Levels: 154.82, 154.12, 153.41
The price on the daily time frame is trending to the upside where it is posting higher highs and lows. We are at the end of the correction near the daily support 154.82 USD. Yesterday the price failed to probe below this mark and left a huge long wick to the downside. This could lead to a rebound a move upward again in the same direction of the main trend.
GBP/JPY Medium-Term Trend: Bullish
On the 1-hour time frame, the pair is trading inside a bullish flag formation, where we expect a lower correction toward the strong support. This support will halt the downside movement and reverse the price to the upside all the way to the mentioned target profit.
Buy Limit Order @ 154.84
TP 1 @ 155.60
TP 2 @ 156.05
Stop Loss @ 154.46
Trade Safely 🙂