GBP/JPY Long-Term Trend: Bullish
Key Resistance Levels: 153.334, 154.105, 155.000.
Key Support Levels: 152.000, 151.400, 151.000.
The price on the higher time frame failed to break a strong support level around the 149.336 JPY mark and posted a bullish engulfing pattern plus a double bottom pattern which led to a reversal and a move higher. We expect further movement to the upside in the coming hours.
On the lower time frame, the price succeeded to break the bullish flag formation to the upside after finding buyers around the 61.80 % Fibonacci retracement level. we expect a lower correction to the highlighted zone before a new bullish impulsive wave to the Target Profit.
Buy Limit Order @ 151.983
TP 1 @ 153.322
TP 2 @ 154.100
Stop Loss @ 151.545
Trade Safely 🙂