Get started
TraderAvDM

GBPJPY Approaching MAJOR SUPPORT LEVELS: Potential BOUNCE/BUY

Long
British Pound / Japanese Yen (FX:GBPJPY)  
TraderAvDM Updated   
FX:GBPJPY   British Pound / Japanese Yen
Trend Analysis Chart Patterns Beyond Technical Analysis GBPJPY gbpjpylong gbpjpyanalysis gbpjpyprediction gbpjpydaily gbpjpysignal guppy
33
0
trendanalysis chartpattern beyondta gbpjpy gbpjpylong gbpjpyanalysis gbpjpyprediction gbpjpydaily gbpjpysignal guppy
GBPJPY is approaching two MAJOR SUPPORT LEVELS, the first being at the 141.01-141.15 area which has seen some decent INSTITUTIONAL BUYING in the past.
The Second Support being at the 139.80 area which is a STRONG SUPPORT as well.
It's expected that GBPJPY will bounce from one of these LEVELS and go towards the RESISTANCE at 143.80.
So, traders can look for BUY at 141 with very small SL at 140.70. TPs can be SET at 142.30 and 143.80.
If the above SUPPORT fails, traders can BUY at 139.80 with SL below 139.30 and target 141 and 144 as TPs respectively.
Comment:
First Support Failed very quickly. Price went straight through it.
Now we look at the 139.80-140.10 area for bottoming price action.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.