FX.co ★ GBPJPY Potential for Bullish Rise towards overlap resistance

Description :

Looking at the H4 chart, my overall bias for GBPJPY is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. Looking for a pullback buy entry at 159.436, where the overlap support and 50% Fibonacci line is. Stop loss will be at 157.539, where the recent low is. Take profit will be at 164.350, where the overlap resistance and 61.8% Fibonacci line is.

Trading Recommendation

Entry: 159.436

Reason for Entry: overlap support and 50% Fibonacci line

Take Profit: 164.350

Reason for Take Profit:

overlap resistance and 61.8% Fibonacci line

Stop Loss: 157.539

Reason for Stop Loss:

recent low