GBP/JPY: Flipped support may push the price upside

EagleFX Team EagleFX

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.

Trade Summary

Entry: Above 140.7270

Stop Loss: Below 140.4790

Take Profit 1: 141.1530

Take Profit 2: 141.4790

Take Profit 3:141.8900

Please Note

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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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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