GBPJPY produced a bearish Marubozu candle yesterday at consolidation resistance. The pair has been bearish on the intraday charts today. The H4 chart shows that the price has been having a bullish correction. There is a flipped level, which may work as a level of resistance. If the level produces a bearish reversal candle, the sellers may get a short opportunity on the pair later today. Let us have a look at the H4 GBPJPY chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
The chart shows that the price made a bearish move upon producing a double top. It has had a bounce at the level of 132.290. The level of 133.675 may work as a level of resistance. If the level produces a bearish reversal candle, the sellers may go short below the level of 132.290. Let us have a look at the summary of the trade…
- Sell Limit: 134.559
- Stop Loss: 136.901
- Take Profit: 132.359
Since the daily chart is bearish biased, the pair may continue its bearish move for some days. The H4 sellers may consider taking a partial profit and let the rest of the trade run. The price may head towards the level of 127.025. It would certainly take time but it is on the card. The level of 129.890 may work as a strong level of support though. If that gets broken, then the price may hit the level of 129.890 in a hurry. Meanwhile, let us wait for the flipped level to produce an H4 bearish reversal candle and a price breakout at today’s lowest low.
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