GBP/JPY Potential Upward Movement

GBP/JPY Potential Upward Movement

Key Resistance Levels: 151.400, 153.334, 154.547.

Key Support Levels: 149.336, 148.451, 148.000.

Daily Chart:

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

1-Hour Chart:

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.

Signal Idea:

Buy Limit Order @ 150.375

TP 1 @ 151.365

TP 2 @ 151.850

Stop Loss @ 150.058

Trade Safely 🙂