GBPJPY Long - 133.200
The Pound has exploded higher on Friday and in my experience after such strong movements comes a decent pullback.
I am bullish on the GBP as we are now trading well above the most important moving averages, aswell as having convincingly broken through the Daily 21 EMA.
I am expecting a retest of the D21 and previous structure found at the 133.200 level before going long, with targets up at 134.200-400, with a long-term 382 fib resting around 134.480.
Stop loss will be tight at around 25 pips with a 100 pip target, giving us a 1:4 risk/reward ratio.
I am bullish on the GBP as we are now trading well above the most important moving averages, aswell as having convincingly broken through the Daily 21 EMA.
I am expecting a retest of the D21 and previous structure found at the 133.200 level before going long, with targets up at 134.200-400, with a long-term 382 fib resting around 134.480.
Stop loss will be tight at around 25 pips with a 100 pip target, giving us a 1:4 risk/reward ratio.
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