GBPJPY has been bearish on the H4 chart. The pair has been trying to push the price further down after making a good bearish move from an important resistance level. As things stand with the pair, we might get an opportunity to sell the pair with excellent risk and reward ratio. Let us have a look at the chart.
GBPJPY Free Forex Trading Signals – 13th March 2017
The pair made a huge Engulfing H4 bearish candle from 140.400 and then produced another bearish H4 candle. The price came up to 139.460. Then, we had 3 consecutive corrective H4 candles. The price already had a rejection from 139.860. This is an important level of resistance as well. If this level of resistance is held and we get a breakout at 139.460, then selling the pair would be the best option.
Let us have a look at the summary of the trade
- Sell Stop Order: 139.460
- Stop Loss Level: 139.860
- Take Profit Target: 138.875
This week main two currencies the USD and the EURO are going to have some extremely high impact news events. Thus, the pairs that are not correlated with the EURO and the USD would be more active. GBPJPY is a pair, which is not directly related to the EURO and the USD. Thus, the pair has already shown some movements to offer us entries. When a currency pair is about to face a very high impact news event, the pairs that are directly correlated with it, seems to get sluggish. On the other hand, other pairs that are not directly correlated with it, seems to be more active. This is important information that a Forex trader should be aware of.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: GBPJPY Free Forex Trading Signals – 13th March 2017
The post GBPJPY Free Forex Trading Signals – 13th March 2017 appeared first on Advanced Forex Strategies.
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