Buying GBPJPY on Dips: BIG 500 PIP Target at 149-150.

OANDA:GBPJPY   British Pound / Japanese Yen
We are seeing a consolidating price action on GBPJPY during the last 4-5 weeks. And, this is quite expected.

GBPJPY has rallied close to 1700 pips from the lows this year and in my opinion, the recent consolidation will soon lead to another rally.

From the chart, I would like to point out 3 things:

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1) Price is above the 100D EMA , which clearly indicates that the BIGGER TREND is BULLISH .

2) We have a very strong support zone at 143.80-144.20.

3) Price recently broke out of the TRIANGULAR FORMATION. Now, it's retesting the triangle. Even if GJ goes back into the triangle there's plenty of support.

So, in view of the above, I believe "BUY ON DIPS" is the right strategy.

Scenario 1: Traders can go long when price touches the 100D EMA at 144.80. TPs can be set at 145.70 and 146.50 respectively. To keep risk low, use small SL at 144.45

Scenario 2: If 144.80 doesn't hold, traders can go long at the support zone at 143.80-144.20. TPs can be set at 144.20, 145.50 and 147 respectively. SL should be placed below 143.50

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Trade active: Bought at 144.80
Trade closed: stop reached: Stop reached at 144.45. -35 pips

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