GBP/JPY Analysis, Chart, and Trading Idea

Analytics for GBP/JPY Forex pair, based on complex analysis of modified waves, Fibonacci levels and price channels
 

The trend is ascending. The currency pair is traded in the range between 365 and 135 ЕМА. The downtrend inner wave structure is truncated. There is a bullish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals the oversold state.

Trading idea:

Buy at the formation of the uptrend wave structure, when the (А) wave breaches the sloping channel of the downtrend truncated structure;

Stop-loss: 161.600;

Target price levels: 164.350, 165.880.