GBPJPY: Trade Opportunities for Buyers and Sellers
The price stays at the support zone formed by the uptrend line and 132.00 support level. The price action in this zone will be able to give interesting trade opportunities in both directions.
The bearish variant is based on the breakout below 132.00 support and the local swing low. As we can see, the price broke the uptrend line, and it gives us a trend reversal signal. MACD supports further downside movement as well as RSI. It will be possible to search for better entry points using hourly timeframes. Stop orders must be placed above the local swing high. Profit targets can be based on round numbers.
The bullish variant is based on a breakout above 134.00 and the local swing high. If the price moves back in the borders of the price channel, it will be a bullish signal. We can expect that the uptrend will be continued. If so, we will have to search for entry points for buying using the daily and hourly timeframes. Stop orders must be placed below 132.00 and the local swing low.
Risk per trade for both variants must be no more than 1-2% from trading capital.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The bearish variant is based on the breakout below 132.00 support and the local swing low. As we can see, the price broke the uptrend line, and it gives us a trend reversal signal. MACD supports further downside movement as well as RSI. It will be possible to search for better entry points using hourly timeframes. Stop orders must be placed above the local swing high. Profit targets can be based on round numbers.
The bullish variant is based on a breakout above 134.00 and the local swing high. If the price moves back in the borders of the price channel, it will be a bullish signal. We can expect that the uptrend will be continued. If so, we will have to search for entry points for buying using the daily and hourly timeframes. Stop orders must be placed below 132.00 and the local swing low.
Risk per trade for both variants must be no more than 1-2% from trading capital.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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