GBP/JPY: Moving Towards the North

EagleFX Team EagleFX

GBP/JPY has been bullish on the daily chart for several days. Yesterday's bullish candle may make the buyers wait for a bullish breakout to go long in the pair. The price has been choppy all day in the H1 chart. However, the last two H1 candles came out as bullish candles. If the price remains bullish and makes a breakout at yesterday's highest high, the buyers may get an opportunity to go long in the pair.

Chart 1 GBPJPY H1 Chart

The chart shows that the price had a rejection at the level of 133.785. It came down and had a bounce twice at the level of 132.400. It produced two bullish candles. If the price moves towards the North and makes a breakout at the level of 133.785, the buyers may trigger a long entry upon breakout confirmation.

Trade Summary

Entry: Buy above 133.785

Stop Loss: Below 132.400

Take Profit 1: 135.285

Take Profit 2: 135.950

Take Profit 3: 136.915

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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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