GBPJPY Price Action Analysis – 8th June 2018
GBPJPY has been Bullish on the H4 chart. The pair seems to have had a correction. The price is at the level of Support at the moment. Thus, there is an opportunity for the buyers to take a long entry if rest of the things goes accordingly. Let us have a look at the H4 GBPJPY chart.
As we see here that the price is trending towards upwards by making higher highs. On its way, the level of 147.080 was a strong level of Resistance. That level got broken and a number of H4 candles have been held by that level. If this level produces an H4 Bullish Engulfing Candle, then the price would head towards the North to make new higher high. The next Resistance level would be 148.800. Let us have a look at the summary of the trade…
- Entry- After an H4 Bullish Engulfing Candle at 147.080
- Stop loss- Below 147.080
- Take profit- 148.800
- 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
There is no High impact news event either on the GBP or the JPY. Thus, the pair would run technically today. The Support level that we are eyeing here is actually a Dynamic Support. Dynamic support is where there is a Horizontal Support as well as a Trend line Support line can be drawn. A Dynamic Support or a Dynamic Resistance always attracts more buyers or sellers. I assume this trade setup would attract more buyers. Let us hope that a nice looking H4 Bullish Engulfing signal candle gets formed right at the level, where we have drawn our Support line.
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