GBPJPY LONG TRADE

As everyone aware pounds has been very tricky to trade since the Brexit saga started, now here on the daily time frame we are seeing a bullish impulse to the upside straight after the break of the triangle, in a bigger picture we can see the next target for buyer is around 142.800 its where the flag limit never been visited since it drop on May 2019. Now that we know where the buyer want to take this pair to, let’s see what we can find on a smaller time frame.

On 4 hr time frame with the strong impulse to the upside we are waiting for a correction to the based zone which align with 50% Fibonacci as well as potential support and resistance level if we can see a retest around 140.500. That will give you a decent swing trade to 142.800 daily target. this set up will be invalid if the price move back inside the triangle. Be careful trading this pair make sure calculate your risk properly.
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Traders! if you like my ideas and do take the same trade, please write it in comment so we can manage the trade together.



Disclaimer
the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
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Thank you for your support!

LamchiuFX