GBP/JPY Buy Setup

GBP/JPY is currently trading inside a decent descending channel near the 78.6% Fibonacci Retracement level. Not breaking below the lower band of the descending formation will be a great buy opportunity towards 161.50 as our first target.

Breaking above the channel will push the price towards 162.46 and 163.35 in extension. Goodluck!

M.Y.