GBPJPY has been bearish on the daily chart. However, the daily chart shows that the price had a bearish correction. Yesterday’s daily candle came out as a bullish candle. Thus, the pair may go towards the North today as well. On the H4 chart, the price has been on consolidation. Today’s first two H4 candles have come out as bullish candles. If the price keeps pushing towards the upside and makes a breakout at yesterday’s highest high, then we may get an opportunity to go long on the pair by having a good risk and reward ratio.
This trade idea was generated by our powerful Elite Swing Trader System.
Yesterday the price went up to the level of 132.220 and came down to find support. The level of 131.680 seems to be the level of support that already has produced two bullish H4 candles. If the price keeps going towards the North and makes an H4 breakout at the level of 132.220 and produces an H1 bullish engulfing candle at the pullback, the price may go towards the level of 133.380 with good buying pressure. Let us have a look at the summary of the trade
- Buy Stop Order: 132.256
- Stop Loss: Below 131.181
- Take Profit: 133.232
The very bottom of the support level is monthly support. This is where last month’s candle was produced which was a bullish engulfing candle too. Thus, if the price breaches the last swing high on the daily chart, the price may get bullish for two more months. Keep that in mind, this is a very big picture which does not make that much difference in H4 trading.
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