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GBPJPY Price Action Analysis – 4th Aug 2017
GBPJPY has been choppy on the H4 chart. However, the pair made a huge bearish H4 candle yesterday, which might give the pair a bearish momentum. Moreover, the pair might even offer us a short entry today. Let us have a look at the H4 GBPJPY chart…
GBPJPY Price Action Analysis – 4th Aug 2017
then continued to go down up to 144.345. It seems that the pair might be in consolidation right now. If this really is the case, then the level of 144.865 might become the level of resistance. If the level is held as an H4 resistance and produced an H4 bearish Engulfing candle, then selling the pair would get us some green pips. Let us have a look at the summary of the trade…
- Sell Stop Order: 144.350
- Stop Loss Level: 144.900
- Take Profit Target: 143.450
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
GBP’s high impact news event yesterday made the pair move like this. Today NFP is going to release “Unemployment data”, which is considered one of the biggest news events. Thus, we should wait for the H4 candle (one that includes NFP) to be finished to take the short entry on this trade setup. The best would be if that H4 candle comes out as an Engulfing bearish candle. That would be an excellent signal since after that traders would have less doubt to go short on this pair. The liquidity will be good as well for sure. Thus, I assume it would take less time to hit the take profit level.
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