The GBP/JPY pair on the M30 timeframe displays a bullish signal through a recent upward breakout from a symmetrical triangle pattern, suggesting a potential buying opportunity.
Key Points:
Triangle Breakout: The price has been consolidating within a triangle formation characterized by converging support and resistance lines. This often indicates indecision before a decisive move. However, the recent break above the upper resistance line at 186.30 signifies a shift in momentum towards the upside.
Buy Entry: Consider entering a long position around the current price of 186.45, offering an entry point close to the breakout level.
Target Levels: Initial bullish targets lie at the resistance levels of 187.45 and 188.05, marking previous resistance zones within the triangle.
Stop-Loss: To manage risk, place a stop-loss order below the support line of the broken triangle at 186.00. This helps limit potential losses if the price reverses and breaks back down.