Bullish On GBPJPY

May 30, 2016

Waiting for a strong bullish close above the weekly level of resistance indicated around the ~1.62 level. Before, I was short on this pair (if you check previous posts). With only a slight percentage of the UK leaving the European Union, I believe the pound is ready to regain strength. Price action formed a reverse head and shoulder pattern(a reversal pattern) and is continuing to show strength. As long as we can stay above the trend lines and have a nice close above the ~1.62 level, I believe we are bullish. Nice risk reward of 1:5.5, about 1200+ pips.

Risk Reward: 1:5.5
-Safe Trading and Best Regards