June 28, 2019 : Based on the current bullish breakout, the GBP/JPY is heading towards 138.50.

On May 3rd, the GBPJPY pair initiated the depicted bearish movement channel around 146.45

On March 21st, another visit towards the upper limit of the same channel (141.70) was demonstrated.

Since then, the depicted downtrend/channel has been intact until June 4 when the pair failed to achieve a new low below 136.50. This was followed by a bullish breakout off the depicted bearish channel.

Moreover, a short-term uptrend line was established around the same Price levels (136.50) until June 12 when the latest bearish pullback was initiated towards 136.50 (23.6% Fibonacci Expansion) then 135.44 (78.6% Fibonacci Expansion).

Recently, obvious bullish recovery has been manifested. Bullish persistence above 136.50 is currently being demonstrated on the H4 chart.

Technically, a quick bullish advancement should be expected towards 138.00 initially where the backside of the broken uptrend is currently located.

On the other hand, H4 re-closure below 136.50 hinders any bullish momentum enhancing the bearish side of the market towards 135.44 and probably 135.03 for further retesting.

Trade Recommendations:

Short-term outlook remains bullish as long as bullish persistence above 136.50 is maintained on the H4 chart.

Conservative traders can wait for the current bullish breakout above 136.95 to be confirmed as a valid BUY entry.

Initial Target levels should be located around 137.80 and 138.50.

Any bearish breakdown below 136.00 invalidates the mentioned bullish scenario.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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