GBPJPY DOUBLE BOTTOM FORMATION ON 15M/1HR CHARTS

The gbpjpy pair appears set for some more bullish run as shown on the 1hr time frame figure below. The double bottom formation as marked on the chart is a strong reversal chart formation and its neckline at 154.29 seems already broken and tested once but has failed to go past the 155.00 resistance level. There's a possibility it might retest that neckline at least once, before making the anticipated raise towards 157.00 (MA365)

1HR EXTENDED VIEW

The two other charts shown below are closer view of the double bottom formation on the 15min chart.

15M EXTENDED VIEW

15M CLOSE VIEW

Recommended entry points:

a. MA100 (15mins chart)
b. MA365 (15mins chart)
c. 154.29
d. 154.00 (possible spike)

Recommended stop loss: Below 153.50 (use your discretion)
recommended exit target: 156.50 - 157.00 (use your discretion)

Warning!!!:: A break back below the neckline voids the anticipated upward move hence a possibility of a retest of the 152.00 support.

Disclaimer: Our trade advice is only informative. #TradeAtYourOwnRisk