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GBP/JPY: Does the bull end up making a breakout?

EagleFX

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

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