GBP/JPY update – bullish break secured on hourly chart

GBPJPY H1 (04-11-2016 1931).png

We have a bullish hourly closing above 154.22 (23.6% Fibo + double bottom). So fresh longs could be build for an immediate upside target of 155.00.

But long side traders need to be cautious of getting crowded out. Note the hourly 100-MA is yet to bottom out and prices may test the same before moving higher!

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