GBP/JPY – Bullish Bounce Targeting 155

3 min read
HubertM

HubertM

Forex broker

Dear Trader,

the GBP/JPY was in a very strong uptrend last week but has been correcting for several days. It is approaching critical levels now where it could be resuming its bullish course again.

This article will take a look at the GBP/JPY price action and highlight hot spots for potential bullish trade setups.

The Daily chart gives us a clear indication that a 5-Wave impulse is in the process of completing. The bullish momentum of last week forms part of a large Wave 5 (Orange) which should break the high of 152.90 (from Sep 2017) in order to complete itself fully.

Bearish correction could finish soon…

The 4 hour chart shows the strong bullish push that tested the 152.90 level. This indicates that Wave 3 has probably finished at that high and a further bullish Wave 5 is to be expected, given the larger picture of this pair. A bearish Wave 4 correction has been in progress since then and is about to reach the 61.8% Fibnoacci retracement level, which coincides with the 144 EMA as well as a support level just below. This provides a point of confluence (POC) that could act as a bouncing spot for initiating Wave 5.

 

Bullish Bounce Trade Option

A large bullish 4 hour candle with a close near the high of the candle, could be a good starting point for a confirmation of this scenario. Price would need to break and close above the 21 EMA again for additional confirmation to appear.

Long Entries could then be taken, with the final target being around 155 – 155.90, (-27.2 % Fibonacci Level of Orange Wave 3.)

If price were to break below 148.90 the bullish scenario would be invalidated.

All the best along your trading journey…
Hubert
Follow Hubert on Twitter

 

 

 

Fibonacci Trading Strategy & Tools

Learn to apply Fibonacci rules and tools in your trading routine.

* free Fibonacci Handout

* actionable trading strategy & faq’s

* precise trading examples 

Free Forex & CFD Range Bar Trading System

In this trading system you will find: 

✅  range bar strategy pdf

MACD Alert

✅  Range Bar EA & Indicators

ecs.heiken-ashi-system & two indicators for trend-following

Two of our favorite indicators for trend-trading. 

✅  ecs.camarilla & ecs.heiken-ashi indicators

✅  actionable trading system & faq’s

✅  precise trading examples 

ecs.camarilla🎯🎯🎯 – versatile strategy & indicator

Nenad teaches how to apply his favorite camarilla indicator

✅  free ecs.camarilla indicator

✅  actionable trading strategy & faq’s

✅  precise trading examples 

ecs.SWAT🎯🎯🎯 – Wave Analysis Trading at It’s Best

Chris goes an extra mile to provide the most comprehensive
wave analysis trading method on the market.

✅  8 hours of video materials via 25 lessons

✅  lifetime access to SWAT indicators & tools

✅  free month of live trading

*Currently 86% of profit setups at entry after the price hits above the 3d or 4th Wizz level 🚀🚀🚀  

Fibonacci Sequence Trading🎯🎯🎯: Wizz Tool & Strategy

Wizz allows traders to know when and where price is expected to accelerate
and show strong momentum.

✅  Fibonacci Sequence Scripts – Wizz*

✅  Handout Strategy

✅  Tips & Trading Wisdom

*Currently 86% of profit setups at entry after the price hits above the 3d or 4th Wizz level 🚀🚀🚀  

ecs.START🎯🎯🎯: Tools, Indicators & Handouts

Our most popular trading tools and wisdom are FREE now. Join and receive a
mix of practical education and actionable trading tools right now.

✅  Fibonacci Sequence Scripts – Wizz*

✅  HA and Fibs Indicators & Handouts

✅  Money Management Tips & more…

*Currently 86% of profit setups at entry after the price hits above the 3d or 4th Wizz level 🚀🚀🚀  

Subscribe to our mailing list

* indicates required


Subscribe to our mailing list

* indicates required


ecs.START🎯🎯🎯: Tools, Indicators & Handouts

Our most popular trading tools and wisdom are FREE now. Join and receive a
mix of practical education and actionable trading tools right now.

✅  Fibonacci Sequence Scripts – Wizz*

✅  HA and Fibs Indicators & Handouts

✅  Money Management Tips & more…

*Currently 86% of profit setups at entry after the price hits above the 3d or 4th Wizz level 🚀🚀🚀