GBPJPY I BUY I TECHNICAL & FUNDAMENTAL ANALYSIS

The price of the instrument is currently nearing a key resistance point at the 137.744 level showing signs of a break of the previous downtrend on the 1-hour chart. It is important to note that if the price moves above this level this could be a strong indication of a long bias. More Conservative traders may want to wait until the price moves above the 200 day moving average. If the chart is showing bullish signs a stop-loss at the 137.340 level would be advised or even at the 37.000 level where a strong consolidation period could show signs of an uptrend.

A move back to the support level 137.716 is likely if the uptrend is to continue, but with the upcoming economic events for JPY the price of the instrument could push higher in a short amount of time. Key events include the foreign investment in japans stock and Govenor Kurodas Speech.

Take profit levels have been shown.

Caution is advised.

Comment:

Price has consolidated around the 137.000 level. Looking for upwards momentum within trendlines.

Trade active:

Good structure is now showing. Take profit in the green region as price begins to look bearish.

Trade closed: target reached:

Closing profits at Take Profit Level 1. If still holding position, could hold until the end of next week to possibly the Take Profit Level 2 or higher.

Get ready for the start of next week.
Good luck to all.