The GBP/JPY currency pair is currently showing strong bullish potential. This upward bias is supported by an ascending trendline, indicating that buyers are still in control of the overall market structure.
Further confirmation comes from the formation of a double bottom pattern and bullish candlestick signals, both of which suggest a continuation of the current uptrend. These patterns are commonly seen in reversal or trend continuation phases.
As long as the price remains above the key support zone, the bullish scenario is likely to remain intact.
Recommendation:
- Buy GBP/JPY
- Entry: 199.600
- Take Profit 1: 200.000
- Take Profit 2: 200.400
- Stop Loss: 199.200
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