FX.co ★ GBPJPY holding above ascending trendline support! Bounce incoming!

GBPJPY is holding above ascending trendline support. With technical indicators showing room for further bullish upside, a further push up above our 1st support at 150.493 towards 1st resistance at 151.512 could be possible.

Trading Recommendation

Entry: 150.493

Reason for Entry: 38.2% Fibonacci retracement, ascending trendline support

Take Profit: 151.512

Reason for Take Profit: -27.2% Fibonacci retracement

Stop Loss: 150.117

Reason for Stop Loss: 50% Fibonacci retracement, Graphical swing low.