Hey traders! Are you ready for an exciting ride on the GBPJPY forex pair in the 4-hour timeframe? 📈💹 Let's explore this fantastic bullish setup together!
📊 Range-Bound Market: GBPJPY is currently experiencing a ranging market, with strong support at 180.000 and a formidable resistance at 183.500. In this dynamic environment, traders can spot lucrative opportunities by buying the bottom and shorting the top.
🐂 Buyers in Control: The buyers have taken charge as the price recently bounced off the sturdy support level at 180.000 and formed a double bottom
🛡️ Moving Averages as Support: The moving averages are playing their part as reliable support levels during this bullish momentum. Their alignment reinforces the buyers' strength and provides additional confidence in this setup.
💹 Profit Target: My primary focus is on riding this bullish wave towards the top of the range. As the price approaches the resistance at 183.500, I'll closely monitor the market for a potential shorting opportunity or a breakout setup.
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