The GBP/JPY has pulled back off of a high and then bounced up off of a support level.
While the daily trend can be interpreted as up or down, the 4-hour chart shows a series of higher highs and higher lows which means uptrend. Conservative traders can buy on a move up through resistance while aggressive traders can use their favorite indicator to help them time their buy entry. Protective stops should be placed below support with limit orders to take profit set as twice that risk for our 1:2 risk:reward ratio.