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Facts:
- The bounced off the lower limit of 1:1 structure at 217.52
- Main trend on the pair remains upward
Recommendation: Trade: Long GBPJPY at market price Target: 220.16 Stop: 216.92
Opinion: Looking at GBPJPY chart, one can observe that the price reached the key technical support on Tuesday. This support is marked with the lower limit of 1:1 structure (green rectangles), as well as previous price reactions. In addition the price sits above the 100-period moving average from the H4 interval. Should buyers manage to hold the price above the support area 217.52-217.80, another upward impulse may be on the cards. We recommend taking a long position on GBPJPY at market price with two targets: 215.85 and 216.30 We recommend placing a stop loss order at 216.92
