GBPJPY Free Forex Trading Signals – 23rd Jan 2017
We are on the last week of the first month of 2017. Most of the pairs have been quiet. However, on some pairs the initial trend-making move has been established. GBPJPY is one of the pairs, which looks good to go further up as far as the 4HR chart is concerned. Let us have a look at the GBPJPY 4 Hour chart.
The pair made a huge bearish move on the 4 hourly chart as we can see. Then, there was a huge price gap. To cover the gap, the pair made an engulfing 4HR candle. To go with it, there has been a double bottom as well. This means, the pair is set to go further up. Have a look at the consolidation. So far, the level of 140.860 has been the support of the consolidation.
If the level of 140.860 produces an engulfing 4 hourly candle, and we get a break out at the level of 142.020, then buying the pair would be the best option. Here is the trade summary…
- Buy Stop order: 142.020
- Stop loss Level: 140.860
- Take profit Target: 145.300
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: GBPJPY Free Forex Trading Signals – 23rd Jan 2017
Tip of the day:
This trade is based on the 4HR chart. If you are an intraday trader, then you might as well use a smaller lot than the usual lot. Moreover, be patient with your running trade. Do not come out with some profit. Since the target is a long way for the price to go, so it will take time. It needs practice to go along all the way, which means you have to be patient. As a Forex trader, you have to learn the art of being patient to be successful in the end.
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