GBPJPY dropped about 400 pips in July. This pair has been bearish and have been trending below the 20 period SMA.The last candle was a pretty bullish candle and this might give us a hint that the pair is finally ready for some kind of rebound. So this is a possible reversal trade idea. Let’s take a look at the H4 GBPJPY chart below.
This is another trade idea generated by the Elite Swing Trader.
We have identified our required resistance to breach before we want to get into position for this trade idea. As always, we like to enter into a buy stop order. If the price does not reach our price, then we will stay on the side just watching this pair. If the price touches our stop price, then we get into position. Below is the summary of our trade idea.
- Buy Stop Order: 130.071
- Stop Loss: 129.056
- Take Profit: 131.328
We cannot say that this is going to be a reversal and that GBPJPY will become bullish. However, we can be quite certain that at some point, a retracement will take place and we think that it’s about now. Good luck in this trade.
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