Home Forex Market Analysis Forex Signals GBPJPY – Bullish Continuation Setup

GBPJPY – Bullish Continuation Setup

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Description

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

Chart

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.

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