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GBP/JPY Potential Upward Movement

GBP/JPY Long-Term Trend: Bullish

Key Resistance Levels: 153.297, 153.860, 154.000.

Key Support Levels: 152.144, 151.510, 151.000.

Daily Chart:

The price on the higher time frame is in a clear higher highs and lows where it posted a correction count around the 151.510 JPY mark with long wicks to the downside. The market succeeded to break the 152.144 JPY level and we expect a further movement to the upside.

GBP/JPY Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price managed to break the bullish flag formation to the upside after finding buyers around the 61.80 % Fibonacci retracement level. a lower correction could be seen to the highlighted before a new bullish impulsive wave toward the target profit.

Signal Idea:

Buy Limit Order @ 152.173

TP 1 @ 153.272

TP 2 @ 153.860

Stop Loss @ 151.737

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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