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GBP/JPY Bounces off Descending Triangle Support

GBP/JPY Just bounced off support. This is what I had planned for this situation.

GBP/JPY 4H Chart 2/2


(click to enlarge)


Here's what I think this coming week: It started the week with a bounce off recent support (in 4H chart). I wouldn't mind taking a bet to the upside if it can bounce off 177.00. But I would limit the upside to 179, or maybe even just below it. Above 179 though, I would start looking for more bullish outlook in the short-term. There are resistance levels right around the whole levels, 180, 181 as well. So if you are greedy, look for 181. If you are conservative look for 179ish.

If USD/JPY extends lower after breaking below a triangle to start the week, be careful USD/JPY will break below 176 and head lower. Be nimble enough to take losses and take opposite trade for a target around 174.

That's just me. It's pretty much either staying bullish from key support, or a short-term bearish swing below key support. 178 is coming up and might a clue. Resistance here might continue to put pressure on the 175.77-176 area.