GBPJPY is correcting lower towards key supports at 130.70 & 130.05.
Looking to buy a dip towards here in anticipation of higher prices in the short term.
Trade Idea Posted a Double Bottom formation. Price action has broken from the previous formation. A mild correction has been posted from yesterday’s high, this is seen as a retest of the breakout level. We have a 38.2% Fibonacci pullback level of 130.06 from 126.67 to 132.15. Further upside is expected although we prefer to set longs at our bespoke support levels at 130.05, resulting in improved risk/reward.
We look to Buy at 130.05 Stop: 129.55 Target 1: 132.15 Target 2: 133.00