In the GBPJPY we are facing an uptrend. What is most advisable in these cases? Follow the trend The tide is what moves the entire market. We are going to be the waves that the tide produces.
In this case, we have traced a bullish channel where we see how the price has respected the lower and higher limits.
We will have to take into account several parameters.
First, the moving average of 100 is located just at the lower limit of the channel. This point is what we need to enter the rebound.
In addition, it matches the 142,000 daily support. This is a very acceptable level to be able to enter long.
In addition, according to Fibonacci levels the rebound is expected to end at 0.618.
The take profit forecast is located in Resistance 146,000.
Good luck.
In this case, we have traced a bullish channel where we see how the price has respected the lower and higher limits.
We will have to take into account several parameters.
First, the moving average of 100 is located just at the lower limit of the channel. This point is what we need to enter the rebound.
In addition, it matches the 142,000 daily support. This is a very acceptable level to be able to enter long.
In addition, according to Fibonacci levels the rebound is expected to end at 0.618.
The take profit forecast is located in Resistance 146,000.
Good luck.