- GBP/JPY is trading in bullish territory and en-route to a 141.20 target area.
- There remains scope for a correction into the supporting area prior to a bullish extension.
As per the running analysis on GBP/JPY, the bulls are in control and have taken the price higher within what could be a sizeable move up from the reverse head and shoulders formation on the 4-hour chart.
The analysis this week started with the following article in the Asia open:
- The Chart of the Week: GBP/JPY bulls expecting upside extension
The price has been tracked since the published analysis as follows:
- GBP/JPY Price Analysis: Bullish Reverse H&S, 1:2 R/R mkt order, 1:3 R/R ext
At this juncture, the price has printed a fresh closing high on a 4-hour basis which enables traders to move their stop loss to breakeven and ride the market for a 0:3 risk to reward target in the 141.15/20 area.
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