GBP/JPY Long-Term Trend: Bullish
Key Resistance Levels: 154.71, 155.58, 156.00
Key Support Levels: 153.64, 153.40, 152.26
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
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.
Buy Market Order @ 154.04
TP 1 @ 154.71
TP 2 @ 155.58
Stop Loss @ 153.83
Trade Safely 🙂