GBP/JPY Long-Term Trend: Bullish
Key Resistance Levels: 154.60, 155.33, 155.50
Key Support Levels: 153.77, 152.03, 151.50
The price on the higher time frame is in a clear uptrend after it posted an engulfing bullish pattern. It succeeded to break the daily resistance (now support) around the 153.77 USD mark. A correction count has been seen where we expect after it an impulse to the upside.
GBP/JPY Medium-Term Trend: Bullish
On the lower time frame the price managed to break the bullish pennant formation to the upside. A lower correction could be seen to the previous support around the 153.77 USD mark before a rally all the way up to the target profit.
Buy Limit Order @ 153.79
TP 1 @ 154.58
TP 2 @ 155.33
Stop Loss @ 153.41
Trade Safely 🙂