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GBP/JPY Potential Upward Movement

GBP/JPY Long-Term Trend: Bullish

Key Resistance Levels: 154.71, 155.58, 156.00

Key Support Levels: 153.64, 153.40, 152.26

Daily Chart:

The price on the daily time frame is in a clear uptrend where it posted higher highs and lows. It managed to break the daily resistance around the 153.64 USD mark with a big bullish candlestick. It formed a wedge pattern which shows that we are in a correction before a move upward in the same direction of the main trend.

GBP/JPY Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame the price has rallied and now it is stuck above the 153.96 USD level. We have low volatility which indicates that a huge is coming. Since we are in an uptrend so most probably the price might move to the upside next.

Signal Idea:

Buy Market Order @ 154.04

TP 1 @ 154.71

TP 2 @ 155.58

Stop Loss @ 153.83

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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