GBPJPY seems to be following an upward channel in 1hr/4hr timeframes since 2nd March 2018.
It touched the channel support line on 21st April and rebounded. There is a possibility of some pullback before the prices move upwards to the channel resistance line.
Wave i seems to be finished with divergence also visible so the plan is to buy on resumption of upward trend in wave iii after pull back in wave ii.
Entry: 152.05
SL: 150.70
TP1: 152.85
TP2: 153.5
TP3: 154.25
P.s: If the channel support line is broken in wave ii, then we need to re-evaluate the plan as it may probably signal the resumption of downward trend in the bigger daily channel after bounce back of prices from 0.786 fibonachi retracement level at 154 on 16th/17th April.
It touched the channel support line on 21st April and rebounded. There is a possibility of some pullback before the prices move upwards to the channel resistance line.
Wave i seems to be finished with divergence also visible so the plan is to buy on resumption of upward trend in wave iii after pull back in wave ii.
Entry: 152.05
SL: 150.70
TP1: 152.85
TP2: 153.5
TP3: 154.25
P.s: If the channel support line is broken in wave ii, then we need to re-evaluate the plan as it may probably signal the resumption of downward trend in the bigger daily channel after bounce back of prices from 0.786 fibonachi retracement level at 154 on 16th/17th April.