ECHO | GBP/JPY - Long opportunity.

As last month closed our some interesting movement across JPY YEN pairs, with safe haven flows and profit taking occuring after those BoJ numbers we can assume that some sort of pullback can be made. Huge 500+ pip move that occured from the bottom. As mentioned with GBPUSD which remains active, APRIL usually entails a bullish GBP. Have a look at our analysis, see what you can find out.

We have set a pending order to go long around spot price 157.85 area. If you want to widen your SL and be less greedy you can also catch it at 158.00 flat. These are the factors for this pending:

- Break retest key level
- EMA cluster
- Pullback on significant move
- Fibonacci

We can give the trade anywhere between 40-60 pips stop in the targets of going back to that local low it created at 160 area.


ECHO