GBPJPY has been Bearish on the H4 chart. By looking a close look at the chart, we see that the pair has been obeying a down trending channel. Today’s price action seems to be Bearish as well. If we get an H4 breakout towards the South at the yesterday’s lower low, then the pair would head towards the downside with even more selling pressure. Let us have a look at the H4 GBPJPY chart.
GBPJPY Price Action Analysis – 24th Oct 2018
The level that might play its role as the level of Resistance it is a Flip over Resistance. The price seems to be held by the level nicely so far. We need to get some Bearish momentum right from the level. If we get an H4 breakout at the level of 145.260, then selling the pair would get us some green pips. The level of 142.800 seems the next level of Support where the price might get a bounce from. Let us have a look at the summary of the trade…
- Sell Stop Order: 145.260
- Stop loss: 146.023
- Take profit: 142.800
- 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
Our profit target is about 300 Pips here. This is quite a big number of pips to achieve for traders who trade on the charts like 5M. 15M. In fact, it is impossible for them to stay with the trade to reach the target since it would need a much longer time than they usually are with a trade. If you are one of them, then use a very tiny trading lot. That would help you to hang with the trade for a longer period.
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