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GBP/JPY Potential Upward Movement

GBP/JPY Long-Term Trend: Bullish

Key Resistance Levels: 153.334, 154.105, 155.000.

Key Support Levels: 152.000, 151.400, 151.000.

Daily Chart:

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.

1-Hour Chart:

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.

Signal Idea:

Buy Limit Order @ 151.983

TP 1 @ 153.322

TP 2 @ 154.100

Stop Loss @ 151.545

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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