GBPJPY - Double bottom pattern

FX:GBPJPY   British Pound / Japanese Yen
GBPJPY is correcting lower towards key supports at 130.70 & 130.05.

Looking to buy a dip towards here in anticipation of higher prices in the short term.

Trade Idea
Posted a Double Bottom formation.
Price action has broken from the previous formation.
A mild correction has been posted from yesterday’s high, this is seen as a retest of the breakout level.
We have a 38.2% Fibonacci pullback level of 130.06 from 126.67 to 132.15.
Further upside is expected although we prefer to set longs at our bespoke support levels at 130.05, resulting in improved risk/reward.

We look to Buy at 130.05
Stop: 129.55
Target 1: 132.15
Target 2: 133.00
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