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 , which clearly indicates that the BIGGER TREND is .
2) We have a very strong 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 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 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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