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FOREX Chart Of The Day: Will GBPJPY Breakout Higher?

#GBPJPY is currently consolidating above a key support zone, this suggests that the uptrend is not over just yet.

Will the price breakout higher?

Watch the video to find out more…

Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, Head Currency Analyst.

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In this video, we’re going to take a look at GBP/JPY as the price could continue the uptrend.

So, like what we talked about on EUR/JPY, we looked at a price coming back into this previous structure area here and looking to rally to the upside.

We’re looking for a very similar thing to happen on GBP/JPY. The reason is if we take a look at the trend occurring here, the market is very much in an uptrend. We’ve recently broken out of this key area where the market rates found some support, resistance, and now, the market is holding above that level. I’m expecting another potential opportunity to buy GBP/JPY and head towards 150.30. The level that we’re eyeing at the moment is this one, here.

If I go down to the 30-minute timeframe, we can see that the price – the 50 and the 200 – are in the same direction, which is good – pointing up. We’ve got the RSI showing us that buyers are very much in control of the market because it keeps going to above 70.

We can see that the trend is making higher highs and higher lows. The price is in this area. I typically look at an entry position looking for a break of highs or a break of an area where the market is stalling.

If we were to get a close above this previous high, here, I’d look for a long entry with stops below the lows. Look for the market to continue to break to the upside.

Alternatively, we could look at a higher timeframe. In the four-hour, look for an entry above this previous four-hour candlestick high with stop loss tucked in below the low. Look for the market to rally up towards 150.30

Thanks for watching this video update, and I’ll speak to you in the next one.

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