Free Forex Trade Signals GBPJPY – 6th Dec 2019
GBPJPY has been bullish on the daily chart. The pair produced two consecutive bullish daily candles. To add with it, the daily price has come out from a horizontal range. Today’s first candle came out as a bearish candle. It seems that the price may have a downside correction. A significant level of support is nearby. If the level holds the price and produces a bullish reversal candle, a breakout at the resistance level may push the price towards the North with good buying pressure. Let us have a look at the GBPJPY chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The price went up to the level of 143.210. The price has found its resistance there. A bearish Inside Bar is driving the price towards the South. It may come at the level of 142.700. If the level produces an H4 bullish reversal candle and makes a breakout at the level of 143.210, the price may head towards the level of 144.110. The price may go further up. However, even the nearest resistance offers 1:1 risk-reward. Although all signs might still be looking bullish for GBPJPY, in the short term there might just be a reversal. And perhaps, we can just grab something quick here. Let us have a look at the summary of the trade…
- Sell Stop Order: 142.399
- Stop Loss: 143.108
- Take Profit: 141.706
The first week of December has been action-packed on almost all the major pairs. This indicates that traders may be able to finish their year with more green pips. Usually, the Forex market starts getting sluggish from mid-November. Since the first week of December has been action-packed, it may remain like this at least for one more week. Let us hope it stays like this.
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