Jal121

GBP/JPY - Simple Daily Structure

OANDA:GBPJPY   British Pound / Japanese Yen
Why have we been looking for long positions on GJ for the past few weeks and months you ask?

Well, on the daily chart we can clearly see we have resided in an Ascending channel for some time now. However, we have now rallied up to the top of our ascending channel with a third touch.

You can see some key levels marked in on the right hand side. These are key levels on the lower time frames that we have been using to take long setups on the pair.

Where will price head next? We are right at the top of the range for this pair.

See our related idea for some long positions on this pair!

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