It all started from the monthly. Looking at the 1 Month chart, I Identified the support and resistance areas. I noticed the price broke above the monthly resistance and held for a while. I zoomed in to the weekly and drew my weekly resistance and support, the weekly resistance is the same as the monthly. Next, I moved to the daily and noticed the descending triangle price pattern forming a little above the monthly resistance. Next, I looked at my moving averages, 200,100, and 50. The price is above 200 and right on top of the 100MA acting as dynamic support, then I moved to investing.com; GBP Composite PMI - The actual was better than the previous and opposite from what the market expected and is above 50. GBP Manufacturing PMI - The actual was better than the previous and opposite from what the market expected and is above 50. GBP Services PMI - The actual was better than the previous and opposite from what the market expected and is above 50. These are all bullish for the Pound, next I looked into the Yen; The Industrial Production - The actual is worse than the previous and opposite from what was expected. This is bearish for the Yen. These are a lot of signals telling me to buy so I entered the trade at 156.175, I placed my stop loss just below the lowes daily tail at 155.309 giving the trade enough room to breathe. I set an alert just below the previous day's low, also the weekly low to notify me if a candle closes below that zone, this will mean the analysis is incorrect and I should look for a Sell signal instead. My take profit is at the closest weekly support that I got from zooming out a little bit at 159.919. The price has not broken this point for over 6 months so I'm really optimistic and expecting a move of about 2% to the upside. If the price closes above my 50MA I'll add more positions and be extremely bullish. The same goes for USDJPY.
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