GBP/JPY Weekly. Potential Double Bottom at Trendline Support.
Trendline from 2011 giving Support to form a bottom. 132.35 is a weekly Support from 1995. Red Lines in the Chart are potential S&R levels to take profit and entry if broken and retest.
A clear weekly and monthly close above 133.794, the 78.6 Fib, would be helpful for the bulls.
Break above 143.20 would confirm the 1460 Pips Double Bottom with target 157.80. Be aware for possible Resistance at the 61.8% @ 147 and the 50% @ 156.378.
My Gameplan is to play the Up Trend on the 4H/1H Chart.
On the downside, break below Trendline Support and the 128.60 low targets the 88.6% Fib @ 125.90 and the 4.236 Expansion @ 123.412.
Note: Some of the Fibonacci expansion levels worked very well like the 1.618 @ 163.813.
A clear weekly and monthly close above 133.794, the 78.6 Fib, would be helpful for the bulls.
Break above 143.20 would confirm the 1460 Pips Double Bottom with target 157.80. Be aware for possible Resistance at the 61.8% @ 147 and the 50% @ 156.378.
My Gameplan is to play the Up Trend on the 4H/1H Chart.
On the downside, break below Trendline Support and the 128.60 low targets the 88.6% Fib @ 125.90 and the 4.236 Expansion @ 123.412.
Note: Some of the Fibonacci expansion levels worked very well like the 1.618 @ 163.813.
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