GBPJPY Price Action Analysis – 6th Sept 2018
GBPJPY made a surprising move yesterday. The pair made a Double Bottom on the H4 chart and broke the Neck line of that Double Bottom. The price headed towards the breakout level and it is now right at that level. If this level is held and it produces an H4 Bullish reversal candle, then we might get an opportunity to go long on the pair and make some green pips. Let us have a look at the H4 GBPJPY chart.
See that massive H4 Bullish candle. It had a strong rejection as well. Nevertheless, it ended up being an H4 Bullish candle. The level of 143.540 is the level where the price had reacted earlier. If this level produces an H4 Bullish reversal candle and makes a breakout at the level of 144.010, then the price would head towards the level of 144.930 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 144.010
- Stop Loss: 143.540
- Take Profit: 144.930
- 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
We have to be careful with our floating entries since tomorrow NFP is to release its monthly “Unemployment Data”. It could create extreme volatility and wipe our Stop losses off. If we take any entry today as far as the technical analysis is concerned, we should exit at least four hours before the NFP releases. To be safe, we should only look for opportunities on the Daily chart tomorrow. The best thing to do would be taking entries after the news hour.
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