FX.co ★ GBPJPY Potential for bullish rise to previous swing high

Description :

Looking at the H4 chart, my overall bias for GBPJPY is bullish with the current price being above the Ichimoku cloud. To add confluence to this bias, price is along an ascending trendline.

Looking for a buy entry at 161.710, where the overlap support is. Stop loss will be at the overlap support at 159.330. Take profit will be at 169.221, where the previous swing high was.

Trading Recommendation

Entry: 161.710

Reason for Entry: Retest overlap support

Take Profit: 169.221

Reason for Take Profit:

Previous swing high

Stop Loss: 159.330

Reason for Stop Loss:

Previous overlap support