GBP/JPY produced a doji candle yesterday. The H1 chart shows that the price made a breakout at yesterday’s highest high. As of writing, the price has been bearish in minor charts. It may make a bearish correction. If the breakout level holds the price as a level of support and produces a bullish reversal candle, the buyers may find an opportunity to go long in the pair.
Chart 1 GBP/JPY H1 Chart
The chart shows that the price made a strong bullish move. It made a breakout at the level of 139.020, which is yesterday’s highest high. The buyers may wait for the price to make a bearish correction and produce a bullish reversal candle at the breakout level. If it produces a bullish reversal candle, the buyers may go long above the level of 139.175. The H4 chart shows that the price produced a double bottom and made a breakout at the neckline, so the next bullish wave may come out as a strong one.
Trade Summary:
Entry: Buy above 139.175
Stop Loss: Below 139.020
Take Profit 1: 139.600
Take Profit 2: 139.740
Take Profit 3: 139.970