Free Forex Trade Signals GBPJPY – 3rd Dec 2019
GBPJPY has been bearish on the H4 chart. The price has been on a correction. It made a breakout at a level of support, which holds the price as a flipped resistance. If the level holds the price and produces an H4 bearish engulfing candle, an H1 breakout at yesterday’s lowest low may drive the price towards the South further. Let us have a look at the H4 GBPJPY Chart
This trade idea was generated by our powerful Elite Swing Trader System.
The price came up to the level of 140.900 and started having a correction. The level of 141.245 holds the price as resistance so far. This is the level where the price reacted several times earlier. If the level continues to hold the price and produces an H4 bearish engulfing candle, an H1 breakout at the level of 140.900 may drive the price towards the level of 140.385 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop order: 140.914
- Stop Loss: 141.312
- Take Profit: 140.494
If the next breakout happens by a single H4 candle, the price may head towards the lowest low of the last bullish wave. On the other hand, if the next breakout happens with multiple candles, it may have a reversal at the level, where we have set our Take Profit in this trade setup. The selling pressure may have less momentum as well. Considering the first candle of the trend, it is most likely that the next breakout happens with a single candle.
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