MEX_Exchange
Long

GBPJPY Bounced Nicely Off Its Support

FX:GBPJPY   British Pound / Japanese Yen
Buy above 150.58. Stop loss 149.69. Take profit at 153.85.
Reason for the trading strategy (technically):
GBPJPY tested its support at 150.58 (61.8% Fibonacci retracement , 38.2% Fibonacci retracement , horizontal overlap support, ascending support line) where we expect it to rise further to its resistance at 153.85 (100% Fibonacci extension , 61.8% Fibonacci extension , 76.4% Fibonacci retracement , horizontal swing high resistance). We do have to be cautious of the intermediate resistance at 152.19 (50% Fibonacci retracement , horizontal overlap resistance).
Stochastic (89, 5, 3) bounced off its support at 2.03% where it has a lot of upside potential.
Nice trade, I'm long as well
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