GBP/JPY has been in consolidation in the daily chart for the last three days. The pair produced a double bottom and made a breakout. Thus, the daily buyers have been waiting for a bullish reversal candle to go long in the pair. The H1 chart shows that the price is about to make a breakout at yesterday’s highest high. If that happens, the H1 buyers may find an opportunity to go long in the pair.
Chart 1 GBP/JPY H1 Chart
The chart shows that the price after having a rejection at 134.645 made a bearish move. Upon finding its support, the price has been heading towards the North. As of writing, the last candle has been bullish. If it ends up being a bullish candle closing above the level of 134.645, the buyers may wait for the price to make a pullback and produce a bullish reversal candle to go long in the pair.
Trade Summary:
Entry: Buy above 134.800
Stop Loss: Below 134.645
Take Profit 1: 135.230
Take Profit 2: 135.360
Take Profit 3: 135.575