GBP/JPY: Trade ideas for Sep. 22

   Felipe Erazo

On the H1 chart, the GBPJPY is finding support on the level of 177.76, where is located the 38.2 Fibo retracement level. Now, it is likely that this pair make a rebound at current levels and attempt to climb back to the resistance level of 180.71.

If the GBPJPY manages to make a breakout at the support level of 176.85, it's expected to fall to the level of 175.94, where is located the 61.8 Fibo retracement level in this chart, besides that is very close to the 200 EMA (Green Line). It is recommended to continue to follow the current bullish trend. The RSI indicator this entering neutral territory.

Trading recommendations: Put buy orders if the GBPJPY does a rebound at current levels, with take profit at the resistance level of 180.71.

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