GBP/JPY Analysis – Moving Averages and Supply/Demand Bearish Per
Hello traders,
GBP/JPY has presented a potential bearish scenario amidst recent developments in the 50 and 100 Simple Moving Averages (SMA), coupled with supply and demand dynamics. Keep in mind that the upcoming Bank of England (BOE) interest rate decision on Thursday could influence the analysis, and traders should remain vigilant.
The 50 SMA has recently crossed below the 100 SMA, signaling a potential bearish momentum shift.
This crossover could indicate a trend reversal or the beginning of a downtrend.
Supply and Demand:
Entry Points:
Current Price (Market Entry): Given the recent bearish crossover, consider entering a short position at the current market price for potential continuation.
183.430 Level (Pending Entry): Another entry point could be around 183.430, aligning with a potential retracement to the moving average resistance.
Take Profit Points:
1st: Set the first take-profit point at 176.360, which aligns with a significant support level. This level could pose a challenge for further downward movement.
2nd: The second take-profit point is set at 180.400, considering potential resistance and supply in that region.
Risk Management:
Place stop-loss orders above key resistance levels or recent swing high please.
Evaluate risk-reward ratios before entering trades and adjust position sizes accordingly.
GBP/JPY has presented a potential bearish scenario amidst recent developments in the 50 and 100 Simple Moving Averages (SMA), coupled with supply and demand dynamics. Keep in mind that the upcoming Bank of England (BOE) interest rate decision on Thursday could influence the analysis, and traders should remain vigilant.
The 50 SMA has recently crossed below the 100 SMA, signaling a potential bearish momentum shift.
This crossover could indicate a trend reversal or the beginning of a downtrend.
Supply and Demand:
Entry Points:
Current Price (Market Entry): Given the recent bearish crossover, consider entering a short position at the current market price for potential continuation.
183.430 Level (Pending Entry): Another entry point could be around 183.430, aligning with a potential retracement to the moving average resistance.
Take Profit Points:
1st: Set the first take-profit point at 176.360, which aligns with a significant support level. This level could pose a challenge for further downward movement.
2nd: The second take-profit point is set at 180.400, considering potential resistance and supply in that region.
Risk Management:
Place stop-loss orders above key resistance levels or recent swing high please.
Evaluate risk-reward ratios before entering trades and adjust position sizes accordingly.
Comment:
I've opened my order around 182.700 (before publishing the idea) so you can put two limit orders.
Comment:
Comment:
Waiting for 2nd TP!!
Comment:
Move the SL to around 182.000
Comment:
Far enough from our trailing SL
Trade closed manually:
trailing SL activated in profit!