GBP/JPY Potential Long

25 Kas 2015

On the weekly you will notice this pair in a strong weekly uptrend making higher highs and higher lows. We recently broke above the key 185.00 level and have mad a slight higher high on this daily chart. We have now pulled back to retest 185.00 which is confluent with a 50% fib retracement. Today has formed a nice inside bar which providing we close like this gives a nice setup to take a long position. I will be looking for a break to the upside and providing we get that i will be going long.

Targets are 188.70 followed by 190.90 and 193.50 long term.