GBPJPY Confirmed Double Bottom +400 Pips

After identifying a potential triple bottom pattern on GBPJPY, I took a long position following a successful retest of the key support level at 157.00. This trade has entered into profit, with the current price at 161.500. Moving forward, I am watching for a breakout above the neckline, which would signal a new opportunity to enter another long position with a target price of 168.00.

Despite negative news for GBP last week in retail sales and interest rate announcements, I believe the post-pandemic deflation process could support a rise in GBP, particularly against currencies like JPY that are facing economic uncertainties. By carefully monitoring price movements and staying attuned to global economic trends, I remain optimistic about the prospects for our trade and the future of GBP.

What is your thoughts?