As it can be inferred from the DAILY timeframe chart of GBP/JPY, a sideways-moving range has been formed and the price is sitting on the lower boundary of it at the moment. With the sentiment of the market being bullish and the JPY remaining weak for the past couple of months, we strongly believe that the price will keep rising from here on.
With our Stop Loss below the consolidation box, we are looking forward to entering long positions and aiming for the area of resistance identified on the graph.