The GBPJPY cross in its 2-hour chart shows the sideways movement, which and the test of the psychological support at level-134.
The consolidation above this level, and the absence of a reversal pattern, suggests the possibility of an upward movement which could drive the cross until 136.75 level.
The level that invalidates our bullish scenario locates at 132.7
Trading Plan Summary
- Entry Level: 134.10
- Protective Stop: 132.7
- Profit Target: 136.75
- Risk/Reward Ratio: 1.89
- Position Size: 0.01 lot per $1,000 in account.