DANIELDOTS

GBPJPY - continuation breakout to the upside on a flag pole

Long
OANDA:GBPJPY   British Pound / Japanese Yen
After a break and retest of the inverse head and shoulders a few weeks ago GBPJPY is looking very bullish with higher highs and lower lows. Right now price actions looks to be pivotal, as a major break out to the upside could lead to a Strong year for GBP.

A favourable deal with Europe in the Brexit negotiations and the fast and efficient roll out of the COVID vaccine could be seen as good arguments for a strong pound this year.

Before this i do see some volatility occuring over the next few weeks with deeper pull backs, if it can register a new higher low then im will be buying pound all the way to 175.

What we have hear is a short to medium outlook, bullish momentum following a break out of this flag pole pennant , heading up towards the top of this range created from a previous double bottom , the D2 fib extention level and up into supply at around 134.