GBPJPY – Heavy Impulsive Buying – Takes Out Yearly Highs
For 64 out of the last 88 hours, the GBPJPY has been bought up, showing steady, consistent and impulsive buying for almost 3+ days straight. In the process, the pair took out the yearly highs at 174.80 and the big figure at 175 (via 4hr chart below). Hard to be anything but bullish up here, as long term targets are not for several hundred pips away.
Our Trade Idea: Buy on pullbacks into the 174.30 – 173.50 zone with the first major target being the 176.90 (Jan 99′ lows), while gunning for the larger targets of 179.50 (Oct 03′ lows) and 192.75 (Mar 08′ lows), so lots of potential upside with fantastic risk to reward ratios on the table.
