GBP/JPY Higher out of Support

Good morning traders,

Wrapping things up on the blog for the week with a nice bullish run on the beast.

We’ve been watching this key GBP/JPY support/resistance level for a while, and enjoying having a clear zone like this to manage our risk around. Click the link to our previous GBP/JPY blog and check out the quoted section below.

“GBP/JPY Daily:

Click on chart to see a larger view.”

“These types of setups really are a risk manager’s dream and I hope that you’re taking advantage of the opportunities that are continuing to be gifted to you by the markets.

Find your levels, trade your levels and manage your risk.”

Find your levels and trade your levels indeed!

Just another example of price pulling back into a zone where buyers are waiting to soak up the supply and price rocketing off it as a result:

GBP/JPY Daily:

Click on chart to see a larger view.

Being in a major bullish trend, a bounce at support was always the preferred option from a day trading perspective.

With price now approaching the previous swing high again, you’re essentially able to give yourself a free ride. If price can break higher again, it’s a nice early Christmas present now we’re into December.

Best of probabilities to you!

Dane Williams – Vantage FX

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Source: Vantage FX Blog