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GBP/JPY: Finding support at a Fibonacci level

EagleFX

GBP/JPY has been bullish in the daily chart. The chart upon producing a pin bar has produced three consecutive bullish candles. The H1 chart shows that the price had a bearish correction and found its support at a significant Fibonacci level. The level has produced a bullish engulfing candle as well. Thus, the buyers may go long above yesterday’s highest high.

Chart 1 GBP/JPY H1 Chart


The chart shows that the price had a rejection at the level of 137.350 twice. The level of 137.350 produced a bearish engulfing candle and drove the price towards the South. The level of 136.900 has been working as a level of support. It has produced a bullish engulfing candle. As of writing, the price has been bullish in the current candle as well. The buyers may go trigger a long entry above 137.350.

Trade Summary:

Entry: Buy above 137.350

Stop Loss: Below 136.900

Take Profit 1: 137.850

Take Profit 2: 138.160

Take Profit 3: 138.670

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