GBPJPY has been bullish on the H4 chart for the last two days. The H4 chart suggests that the price might have started having a correction as well. There is a level nearby which has the potential to be a level of support and be the key to drive the price towards the North again. Let us have a look at the H4-GBPJPY chart Trading Breakouts with Elite Swing Trader

The Super Forex Launcher Trend Reversal System Have a look at the bullish move first. There have been consecutive H4 bullish candles until the price reached at the level of 143.000. As we see, the price reacted to this level heavily earlier and this is a round number level. Thus, GBPJPY traders are going to keep their eyes on the level either to be held or broken. The level of 142.550 has the potential to be the level of support though as the price reacted to the level earlier too. If the level is held and it produces an H4 bullish engulfing candle as well as an H1 breakout at the level of 143.000, then the price would head towards the level of 144.450. Let us have a look at the summary of the trade...

• Entry:         H1 breakout at 143.000
• Stop Loss:  Below 142.550
• Take Profit: 144.450

Round Number always plays an important role in the Forex market. Traders seem to set their Stop Loss/Take Profit around round numbers, thus they become support/resistance level later. As we see here, the price is coming down sharply. The reason is many intraday buyers set their Take Profit and sellers triggered their entries depending on the level. How I Became a Consistently Profitable Trader