GBPJPY buy on breakout to ride 4H wave 3

FX:GBPJPY   British Pound / Japanese Yen
53 1
GBPJPY might have be done consolidating (corrective wave 2). Watch for a breakout then go long for wave 3.

For the next 2 weeks, stability in the market could come back with could lead to a more risk-on mood. However, brexit is still in the picture which could complicate things with GBP pairs. In that regard, a breakeven stop will be put in place when top of wave B will be reached.

Another good pair to considerer for similar results could be EURJPY (see related ideas).

Stop loss : 158.30 (below current wave 2 low)
Breakeven : ~161.50 (a little bit bellow wave B top)
Target #1 : TBD
Alternative scenario (if alternatively we instead just ended wave B), sell on bottom breakout to ride wave C.

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