GBPJPY Double bottom buy zone 1000 pip move up

Lovely little set up here. GBPJPY approaching a double bottom set up and a key buy zone historically.

Confluences for this trade

1. Need to see price reach same area as previous bottom. If not i will not take the trade. Once reached look for continues rejection probably on lower time frames (15 min and 30 min).
2. This pair has dropped a lot recently so normally we see a pull back and i have plotted the Fibonacci retrace which my tp level is near the golden zone of 61.8.
3. Double bottom pattern is a historically accurate pattern to trade.
4. Price region which pair is approaching is also a key level for buy zone.

Points to consider

Wide Stop loss however risk reward is great at 1:4. (£100 risk for £400 gain) (1% risk for 4% gain)
Also corona virus has been making the markets very choppy therefore a wider stop just in case of any drastic movement.
Price is currently in a descending channel so overall bearish so it could easily continue going down however like i said earlier i am expecting a pull back soon this is why Risk management is important here. Protect your money people.

Lets make some percentage gains!