GBPJPY has been Bearish on the Daily chart. The pair has had a consolidation on the Daily chart as well. However, by looking at the H4 chart, it seems that the pair produced a Double Top. The price took a huge Bearish move again on the H4 chart. To go more with its Bearish move, the pair has had a correction. The price is near the H4 Resistance again. If we get an H4 Bearish Engulfing candle, then selling the pair would get us some green pips with an excellent risk and reward ratio. Let us have a look at the H4 GBPJPY chart.
The first H4 candle today had a strong rejection from the level of 148.150. That zone has a potential to be a strong level of Resistance. If this level is held by the H4 candles, and it produces an H4 Bearish Engulfing Candle, then the price would reach 146.330 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 147.700
- Stop Loss: 148.150
- Take Profit: 146.330
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
None of the currency has any high impact news event today. Thus, we do not need to worry about the signal timing. The strong possibility is that the signal might come at GMT 10.00. This would be an excellent signal then. If it comes at GMT 14.00, it would be a safe entry too. However, the pair will have less time to hit the target since it is Friday today.
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