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Intraday forecastBritish Pound / Japanese Yen technical chart
SymbolGBPJPY
Release TimeMay 7, 2021 - 04:04
Advisesell (limit) below R1=152.25
Intraday
Short term
Yesterday range87
Yesterday high152.12
Yesterday low151.25
Yesterday close151.48
R3153.35
R2152.4
R1152.25
S1151.3
S2151
S3150.55
Trade setup

As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=152.25.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: S1=151.3.
TP4: S2=151.
Set the stoploss of these orders at breakout of R2=152.4.

Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of R2=152.4.
In this situation, there is an expectation to reach the target R3=153.35.
Set the stoploss of reverse orders at breakout of R1=152.25.

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