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GBP/JPY Potential Upward Movement

GBP/JPY Long-Term Trend: Bullish

Key Resistance Levels: 156.05, 156.60, 157.00

Key Support Levels: 154.82, 154.12, 153.41

Daily Chart:

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

1-hour Chart:

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.

Signal Idea:

Buy Limit Order @ 154.84

TP 1 @ 155.60

TP 2 @ 156.05

Stop Loss @ 154.46

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.

2 comments

  1. I am retired and living in a modest pension. I do not have a lot to invest but I would like to do it to keep my mind active and perhaps make a little profit to supplement my income. My history in Forex includes a few months Binary trading about 3 or 4 years ago. I did fairly well but of course had to stop and forfeit my profit due to the crooked so called brokers mostly out of Cypress. More recently I tried Crypto with a company called Swisstradeoptions who promptly screwed me out of my money. They said they would give me a refund but I had to wait 16 weeks. That time is almost up now but I think pigs will fly before I actually see a penny. In retrospect I was very foolish to get involved with them and I blame myself for the result. I should have known better.
    In spite of my negative experiences I still want to try. Some will say that I am a sucker for punishment or a fool and his money are soon parted. Be that as it may I still have faith that there is a real opportunity out there if I an just find it. I was attracted to your article when it mentioned your price/action style of trading which has a string appeal for me. I just can’t get into all that other analysis which in my observation gives no great advantage over prudent price/action trading.
    However, I am the novice with lots to learn and I am will to do so. It would be nice to get some help along the way from one of the good guys.

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