The GBPJPY has been retracing in this since Dec '14. Having been rejected from the 176.5 Support and the previously, price is now back at this level and with the Weekly 50ema joining the support, we could be set for a nice movement. Looking at the daily we see an right at this level, a classic reversal .
Timing your entry on the daily, a Stop Loss below the 176.50 support should provide protection against any correction movements. Eyes are set on 182.50 for the first profit target, where price could intercept the current of the . If price breaks through this resistance than I'll be looking to target 190.00 for the upside.
If you see anything else on this pair supporting this potential movement then please feel free to comment and share!
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