GBP/JPY: place buy orders
By Felipe Erazo
At the H4 chart, the GBPJPY is trying to consolidate above the 200 EMA, which is located in the 78.6 Fibo level. It is very likely that this pair make a bullish rebound at current levels, so the GBPJPY could rise to the resistance level of 174.64 (23.6 Fibo level).
On the other hand, keep in mind that the GBPJPY has been very strong in the bullish trend, because this pair is above the 500 EMA, so it could make strong bullish movements in the coming days. However, if the GBPJPY manages to make a breakout at the 173.00 level, it would be expected to fall to the level of 172.36.
Trading recommendations: Place buy orders only if the GBPJPY does a breakout at the resistance level of 174.64, with take profit at 175.35. We don’t recommend sell orders at the moment.
Chart. H4 GBP/JPY