- Bullish divergence using RSI, implying momentum to the upside is starting to take control.
- Found support at 1.4050 on 3 occasions (triple bottom) showing a possible reversal.
- Broke through 50 EMA on the H4, taken out its dynamic resistance level.
- Next resistance at 1.4380 and coincides with the 50.0 fibonacci level where price may struggle, whilst heading towards the 68.2 golden ratio.
- Long awaited retracement for this pair after a series of bearish moves.
- There is around 120 pips for this pair until it sees selling pressure start to dominate, approaching key resistance levels and until then GBP/JPY should fly.
- 120 pips target with a 60 pips stop loss, 1:2 risk/reward.
- Found support at 1.4050 on 3 occasions (triple bottom) showing a possible reversal.
- Broke through 50 EMA on the H4, taken out its dynamic resistance level.
- Next resistance at 1.4380 and coincides with the 50.0 fibonacci level where price may struggle, whilst heading towards the 68.2 golden ratio.
- Long awaited retracement for this pair after a series of bearish moves.
- There is around 120 pips for this pair until it sees selling pressure start to dominate, approaching key resistance levels and until then GBP/JPY should fly.
- 120 pips target with a 60 pips stop loss, 1:2 risk/reward.
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Successful trade setup