GBP/JPY: Bullish Channel


Published On: 16 December 2024, 10:55 AM |Tan Peng Chien, Dealer

Key Entry Price Pivot(s):
  • 190.325
Recommended Trade:
  • Long at 194.454
  • Stop Loss: 192.005
  • Take Profit: 199.812
Alternative Case:
  • Short at 190.325
  • Stop Loss: 191.800
  • Take Profit: 184.773
Remarks:
  • GBP/JPY is currently trading within a bullish channel.
  • The price has tested both the upper and lower bounds of the channel, continuing to form higher highs.
  • As the price remains in the discount region of the channel, we can capitalize on the bullish momentum by entering long positions at current levels. The target is set at the previous high of 199.812, with a stop loss at 192.005.
  • Alternatively, if the price breaks below the lower boundary of the channel, the strategy shifts to a short position, targeting the low of 184.773, with a stop loss around 191.800.

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