I posted GBPJPY Trade Plan on Dec 7th, in which I talked about the possible Buy opportunity from the bottom of the range.
Here we are today.
The price already bounced from WM1, and Stochastic is looking up on H4.
Interesting to see hourly Stochastic is also going up now.
On Hourly, the price broke 21EMA. Thus we can expect the price to go up to 55EMA, or possibly to the next Resistance (185.00).
As a trigger, I would like to suggest to wait for the break of DPP (also WS1), and Buy this pair after the pullback.
The conservative target should be 185.00. However, I thin this pair will be very Bullish soon. Thus you could challenge up to 186.00 once the trade becomes profitable.
Hope this analysis helps you build your own.
YJ Baik – Forex.Today @ Tokyo