GBPJPY Long Opportunity This Week
GBPJPY has just confirmed a bullish flag pattern. DO NOT enter a short position for this pair. Wait for price to retrace back and enter a long position. Currently, I am expecting the price to possibly retrace back to a level of 134.793. From there, we can long GPYJPY.
As such, our entry price will be at 134.793. Of course, if you are more risk-averse and would like to have a safer entry, you could enter when the price rejects the upper channel of the former flag. This is a good entry as well.
As for stop loss, it will be at an area at 134.266, below the obvious level of support.
Take profit level will be at 135.73. This is because the price is extremely bullish currently. I expect this momentum to bring the price up and retest Resistance Zone 3. I will likely move stop loss to entry and set a trailing stop loss once price breaks through Resistance Zone 1 and arrives at an area in between Resistance Zone 1 and Resistance Zone 3.
If this analysis has helped you in making an informed trading decision, do give it a huge thumbs up! :)
As such, our entry price will be at 134.793. Of course, if you are more risk-averse and would like to have a safer entry, you could enter when the price rejects the upper channel of the former flag. This is a good entry as well.
As for stop loss, it will be at an area at 134.266, below the obvious level of support.
Take profit level will be at 135.73. This is because the price is extremely bullish currently. I expect this momentum to bring the price up and retest Resistance Zone 3. I will likely move stop loss to entry and set a trailing stop loss once price breaks through Resistance Zone 1 and arrives at an area in between Resistance Zone 1 and Resistance Zone 3.
If this analysis has helped you in making an informed trading decision, do give it a huge thumbs up! :)
Order cancelled:
Price took a short cut to our 3rd Resistance Zone, lets wait and see how prices move before deciding on a new trade.