Breakout Play on GBPJPY
The price action is currently attempting a breakout above the Re-Accumulation range, in what could result in a new Markup. Traders can look for an opportunity to go long
just above the range's upper boundary (at 153.600). They can place a stop-loss just below the 300-day MA (in purple), currently at 153.360.
The first target is the 38.2 per cent Fibonacci retracement level at 154.658, which is about to converge with the 200-day MA (in orange) and the 100-day MA (in blue). If it manages to penetrate above this threshold, the price action would then likely head towards the 23.6 per cent Fibonacci at 156.021. This is where bulls can collect their profits.
just above the range's upper boundary (at 153.600). They can place a stop-loss just below the 300-day MA (in purple), currently at 153.360.
The first target is the 38.2 per cent Fibonacci retracement level at 154.658, which is about to converge with the 200-day MA (in orange) and the 100-day MA (in blue). If it manages to penetrate above this threshold, the price action would then likely head towards the 23.6 per cent Fibonacci at 156.021. This is where bulls can collect their profits.
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