GBPJPY / H1 / Daily Forex Technical Analysis / 5.16.2019

Hello Traders, welcome to the Daily Forex technical analysis. Today is May 16th, 2019 and we will be taking a look at the British Pound against the Japanese Yen. Looking at the 1 hour time price action has reverted back to a previous area of support and resistance near the 140.2 levels. If we can get some sort of a short bullish bounce near this area, we would be looking for an opportunity to go Long. Entry for a Long position near the 141.161 area, with a Stop Loss near the 140.611 zone, and a target profit level area of 142.512 to ensure a profitable trade with a potential 2.46 to 1 R/R.