Yesterday the GBP/JPY broke a resistance level at 169.70.The initial up movement was then stopped loking like a fake out.But the former resistance level became a support ( role reversal level ) holding nicely the price,look at 1 hour timeframe.The next bullish movement seems strong enough to get a very nice profit,remember this pair is like a Ferrari
My suggested trade is to enter at 170,30 when yesterday 's high is broken,place your stop loss below the role reversal level,169.50,and take profit al 173.50,a very strong resistance since January 2014.
This trade has a great risk to reward ratio,risking 80 pips you can earn 320 pips.But do it quickly the price is now reaching the entry point.
Have a nice day and good hunting
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