After overnight success with our Euro versus Japanese Yen trade to the tune of 85 pips profit on top of the Australian Dollar versus US dollar racking up 40 pips profit we are today looking at the British Pound vs Japanese Yen.
On our trading view account we have charted out the two resistance channels that we are looking to trade between with...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=144.95.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=144.75.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
Nice and simple trade. After creating a new low this pair pushed up and touched the 50EMA and we have a bearish engulfing candle straight after that which suggest a bearish run to create a double bottom before deciding further course of action.
I have gone short on this and marked tp and sl for you as well.
Let me know if you agree or your rational if you...
Straight forward really, bearish movement down to our support area ( red zone ) then a bounce and bearish movement to our resistance area ( green zone ) I'm just going to keep this 1 simple as there are a few simple people about ;p if the cap fits wear it.
GBPJPY has reached a daily/4hr support at the Fib 0.618 retracement level. We have multiple bullish wick rejection candles closed at this level and it is looking good for a new push to the upside.
Profit Target is at the Fib 27% extension and then previous highs at 148.500
Stop Loss I have placed below the wick rejection of the 0.618 fib level