For the last few days, GBP/JPY is consolidating in a small range in the minor support
area that I have highlighted in my chart.
This area is also important because the 100-day EMA lies just above it.
If we can see a strong bullish impulse now, there is a good chance that GBP/JPY will rally
to the upside again with 163,165 and 168 being the immediate targets.
That being said, the bulls need to watch out for the minor support level and trade carefully
because if it breaks, then GBP/JPY will decline very fast.
To keep the risk low, I will buy as close to the support level as possible.
area that I have highlighted in my chart.
This area is also important because the 100-day EMA lies just above it.
If we can see a strong bullish impulse now, there is a good chance that GBP/JPY will rally
to the upside again with 163,165 and 168 being the immediate targets.
That being said, the bulls need to watch out for the minor support level and trade carefully
because if it breaks, then GBP/JPY will decline very fast.
To keep the risk low, I will buy as close to the support level as possible.