GBPJPY Price Action Analysis - 7th Sept 2017 | Free Forex Trading Signal

GBPJPY Price Action Analysis – 7th Sept 2017

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GBPJPY Price Action Analysis – 7th Sept 2017

GBPJPY has been on an uptrend on the H4 chart. The H4 chart shows us the trend, but it does not recommend any entry though. Thus, we have switched to the H1 chart and found that there is a trade setup, which would offer us excellent risk and reward ratio. Let us have a look at the H1-GBPJPY chart…

GBPJPY Price Action Analysis – 7th Sept 2017

Have a look at the bullish momentum and then the correction. Today the price has been bearish all the way, which really is a corrective wave. The level of 142.140 showed the potential to be a level of support. If the level is held and produces a bullish momentum, then buying the pair on a pullback would be rewarding.

At first, the level of 142.500 has to be broken. Then the price has to come back at the breakout level and to produce an H1 Bullish Engulfing Candle right at that level. If we see these two equations filled, then the price would go up and make new higher high. Summary of the trade…

  • Buy Stop Order: 142.500
  • Stop Loss Level: 142.100
  • Take Profit: 143.000
  • 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

Two big news events have been scheduled at GMT 12.30 today.

  1. ECB press conference (EUR)
  2. Unemployment claims (USD)

Thus, there will be volatility on most of the pairs during the news hour. It would be best for the traders to wait for the news hour to be finished. Once the news impact goes with the technical direction, only that is when we should take our entries.

You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.

We hope that you enjoy our Free Forex Trading Signal today: EURNZD Price Action Analysis – 6th Sept 2017

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