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GBP/JPY: Trading around the breakout level

EagleFX

GBP/JPY has been bullish in the daily chart. The price has been heading towards the North upon producing a double bottom. At the second bounce, the chart produced a bullish engulfing candle. Yesterday’s candle came out as a bullish candle closing within the previous bullish candle’s upper shadow. However, the H1 chart shows that the price made a breakout at yesterday’s highest high. The pair is trading around the level. If the level 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 breakout at 135.425 and traded above the level for several candles. Upon having a rejection, the chart produced a bearish engulfing candle and closed within the breakout level. If the level produces a bullish reversal candle, the buyers may go long in the pair above the level of 135.575.

Trade Summary:

Entry: Buy above 135.575

Stop Loss: Below 135.425

Take Profit 1: 135.865

Take Profit 2: 135.975

Take Profit 3: 136.165

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