Breaking News

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.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download My Free Robot

Get your Robot Now!

Free Robot!