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GBPJPY Price Action Analysis – 5th July 2017

GBPJPY has been bullish on the H4 chart. The price has kept going towards the North until the level of 146,900. Then, the price has started having correction. As things stand with the pair, the price might come further down. If it really does and produces an H4 reversal candle at the key support level, then we might be able to take a long entry on the pair. Let us have a look at the H4-GBPJPY chart to find out the levels that we need to keep our eyes on…

As the chart shows that, the price kept making higher highs. Then, a little pullback is followed by another bull ride. We are having another correction here. The level of 145.750 is a key level, which has the potential to be a level of support. If the level is held and produces an H4 bullish reversal candle, then we should wait for a breakout at 146.300 to take a long entry. Summary of the trade…

• Entry- breakout at 146.300
• Stop loss- 145.750
• Take profit- 147.300
• 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

We often see that the price does not come to our recommended level to test and to produce the reversal candle as per our trade setup. As a trader, you might think an opportunity is missed. You actually have not missed an opportunity if that happens. Please be informed that if a price starts trending from other levels, it might not go to our desired level to hit our take profit. It means we take more risk than the reward. Thus, it is better to skip those entries.

We hope that you enjoy our Free Forex Trading Signal today: GBPJPY Price Action Analysis – 5th July 2017

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