GBP/JPY Potential Upward Movement
Key Resistance Levels: 151.400, 153.334, 154.547.
Key Support Levels: 149.336, 148.451, 148.000.
The price on the higher time frame was rejected by a strong daily support around the 149.336 USD mark. An engulfing bullish pattern has been posted which led to a reversal and a move higher. We expect further movement to the upside toward the next daily resistance level.
GBP/JPY Medium-Term Trend: Bullish
On the lower time frame, the price succeeded to break the bearish channel by posting a bullish head and shoulders near the strong support. We are expecting a lower correction to the highlighted zone before a new impulsive wave to the target profit.
Buy Limit Order @ 150.375
TP 1 @ 151.365
TP 2 @ 151.850
Stop Loss @ 150.058
Trade Safely 🙂