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