Mihai_Iacob

GbpJpy- Strongly bullish structure for 3k pips gain

Long
FX:GBPJPY   Funt Brytyjski/Jen Japoński
On Friday I called for a break of support and, in the end, this break proved to be a false one and I closed my sell trade on break even.
As always, when I'm in doubt, I look at the longer TF, and here things are pretty clear, with GbpJpy in a visible uptrend since March 2020.
Also, the 2020 "pandemic low" and 2016 low have formed a nice double bottom on our weekly chart (very clear in monthly also).
At this moment the pair is consolidating exactly in the neckline resistance and considering the 6 months of consolidation the break should be very violent.
If this break will happen to the upside the next target is around 180 and the measured target of the double bottom is near 200, level confluent with a previous high.

Note: This is a very long-term outlook so don't expect 180 in 2-3 weeks



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