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GBP/JPY Potential Upward Movement

GBP/JPY Long-Term Trend: Bullish

Key Resistance Levels: 154.60, 155.33, 155.50

Key Support Levels: 153.77, 152.03, 151.50

Daily Chart:

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

1-Hour Chart:

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.

Signal Idea:

Buy Limit Order @ 153.79

TP 1 @ 154.58

TP 2 @ 155.33                

Stop Loss @ 153.41

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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