GBPJPY has been very Bullish on the H4 chart. The price has kept making higher highs and the trend looks strong to go further up. Today’s two H4 candles were Bearish. The first one got rejected from a level, which has the potential to be a strong level of intraday support. If we get an H4 Bullish Engulfing Candle around that level and a breakout at yesterday’s higher high afterwards, then buying the pair would get us some green pips today. Let us have a look at the H4 GBPJPY chart.
The level of 148.270 is the level, which might be the level of Support to drive the price towards the North. The level of 148.870 is the level, which has to be broken by an H1 Bullish candle. In this case, the breakout has to take place after an H4 Bullish Engulfing Candle to be produced at or around the level of 148.270. Let us have a look at the summary of the trade…
- Buy Stop Order: 148.870
- Stop Loss: 148.870
- Take Profit: 149.730
- 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
Since yesterday, all the JPY pairs have been very active. I assume today would be a good day for the JPY pairs as well. USDJPY made a big Bullish move and that set a Bearish tone on the JPY index. It seems that the JPY has been having a bad week. If that continues in the next week as well, then JPY is going to get weaker in the coming weeks.
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