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GBPJPY Trade Idea – 29th June 2017

GBPJPY has been bullish on the Daily chart. We had another massive bullish D1 candle on this pair. The price today has been bullish so far on the H1 chart. After making a higher high on the intraday charts, the price is coming down to make some corrections. If the price makes a Double bottom and then a breakout, then the pair might be an excellent option to go long today. Let us have a look at the H1 chart of GBPJPY…

H1 chart clearly suggests that the pair has been with strong bullish momentum. Today, the price went up to 145.500. Then, it might have started having correction. If the price comes back to the level of 145.050 and shows strong bullish momentum, then buyers should get ready to buy the pair after an H1 breakout at 145.500.

There is enough room for the pair to travel to the North. However, by looking at today’s opening price and the correction length (if the price moves from the recommended support level), then we should set our take profit at 146.950. Summary of the trade…

• Buy Stop Order: 145.500
• Stop Loss Level: 145.000
• Take Profit Target: 146.900
• 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

Opening price of a trading day is extremely important. There is an option called “ Period separator” on MT4, which shows the opening price of a trading day or you can find it out manually as well. Draw a line on the opening price, it will help you alot understand intraday trend of a pair.

We hope that you enjoy our Free Forex Trading Signal today: GBPJPY Trade Idea – 29th June 2017 

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