GBPJPY produced a Double Top on the H4 chart. To go more with it, it produced an H4 Bearish Engulfing Candle as well. Thus, the pair seems to be all set to go towards the South if we get an H1 Bearish Engulfing Candle at the breakout level. Let us have a look at the H4 GBPJPY chart.
GBPJPY Price Action Analysis – 17th Oct 2018
The level of 148.230 is the level of Resistance, which is the Resistance level of Double Top as well. Have a look at that H4 Bearish Engulfing Candle. That made a breakout at the level of 147.930. The current H4 candle has been Bearish so far. However, I assume it would end up being a corrective H4 candle. If that happens, then we would have to wait for an H1 Bearish Engulfing Candle right at the level of 147.930 to take a short entry. The level of 146.860 might come into the game and act as the level of Support. Let us have a look at the summary of the trade…
- Entry- H1 Bearish Engulfing Candle at 147.930
- Stop loss- Above 148.230
- Take profit- 146.860
- 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
The JPY looks Bullish today. All other JPY pairs have been active. The EURJPY made a breakout on the intraday charts. It is heading towards the South already. The USDJPY seems Bearish, although it has not made any breakout yet. This is where the London open and the New York open are important. The GBPJPY traders should keep their eyes on the London open to make the most of this trade setup.
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