FX.co ★ GBPJPY bullish continuation | 3rd Sep 2021

Price is expected to continue to move upwards in the bullish momentum towards the 1st Resistance in line with the 100% Fibonacci extension and 61.8% Fibonacci retracement. Price is seen to be holding above the 50 period MA and the Ichimoku cloud which further enhances our bullish continuation bias.

Trading Recommendation

Entry: 151.864

Reason for Entry:

61.8% Fibonacci retracement

Take Profit: 155.064

Reason for Take Profit:

127.2% Fibonacci extension and 76.4% Fibonacci retracement

Stop Loss: 149.292

Reason for Stop Loss:

76.4% Fibonacci extension