GBP/JPY has been bullish on the intraday charts today. The price made a breakout at yesterday’s highest high, thus if it consolidates around the breakout level and produces a bullish reversal candle, buying the pair above today’s highest high may get the buyers some green pips. As of writing, the price finds its resistance at the level of 140.7270. The level of 140.4790 is to hold the price as flipped support and to produce an H1 bullish reversal candle.
Entry: Above 140.7270
Stop Loss: Below 140.4790
Take Profit 1: 141.1530
Take Profit 2: 141.4790
Take Profit 3:141.8900
The bullish reversal candle is to be formed right at the breakout level. Take Profit 1 and Take Profit 2 may be hit in a hurry if the entry is triggered. However, it may take a while for the price to reach Take Profit 3.
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