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USD/JPY Forecast: British pound bounced off from the zone 1.31134-1.31186

Wave Analysis

Last week on Friday, The British pound bounced off from the zone 1.31134-1.31186, headed straight to the upper side and is still pretty much bullish on the 1 hour chart. On this chart, we are looking for long term buy positions towards 1.32784. If the price breaks and closes above this level, we are looking for long term buy positions towards 1.3564 and could breakout much higher. On the flip side, should the price break below 1.31134, then we will be looking for long term sell positions towards 1.29855.

Trade Recommendations:

Remain long towards 1.32784.