Time Frame: Weekly
Long or Short: Long
Chart: weekly and daily charts below
After a downtrend, a double-bottom reversal pattern has been formed within the bounds of two significant S/R levels ( 117.693 & 125.975 ). Price has already began to break the 125.975 level. It will probably rotate back to test the level and (hopefully) rotate back upwards with the new trend. At the point of rotation, will be looking for a significant price action signal.
Long GBP/JPY at 127.400, stop loss at 126.000, first profit target at 128.000, final profit 130.250
Reward-to-risk: 2-to-1 (final)