GBPJPY was in a range last week. This week the price came down at the level, where it got bounced number of times. Moreover, we have had a Pin Bar, then an Engulfing H4 candle being produced right at that level. These equations suggest that the pair might offer us long entry as far the H4 chart is concerned. Let’s have a look at the chart…
As we see that, the Pin bar and that H4 Engulfing candle drove the price up to 140.162. Then, the price has been on consolidation. The level of 129.715 seems to be a potential level of support. If this level is held and a reversal H4 candle is produced on the level, then buying GBPJPY should be the best option for traders.
Let us have a look at the summary of the trade
- Buy Stop Order: 140.162
- Stop Loss Level: 139.715
- Take Profit Target: 140.870
If we get an early breakout, then price should come back to the breakout level again and produce an Hourly reversal candle to offer long entry for traders. In this case, our Stop loss should be placed below today’s lower low.
Last FOMC’s events made the market take huge move on major pairs. Thus, yesterday’s market was different from other usual trading days. However, we must give emphasis on the levels that played the roles as supports or resistances to make those huge moves at the time of FOMC events; they are going to play an important role in the future as well.
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 – 17th March 2017
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