Trade of The Day – GBP/JPY

Facts:

The pair reached the lower limit of 1:1 structure at 215.14 Main trend on the pair remains upward

Recommendation:

Trade: Long GBPJPY at market price Target: 215.85, 216.30 Stop: 214.90

Opinion:

Looking at GBPJPY chart, one can observe that the price reached the key technical support today. This support is marked with the lower limit of 1:1 structure (green rectangles), as well as 200-period moving average. In addition the bullish candlestick pattern – pin bar appeared on the H1 chart. Should buyers manage to hold the price above the support at 215.14, 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 214.90.