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Weekly forecast British Pound / Japanese Yen technical chart

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Trade Setup
Total Profit: 273 pip
Closed trade(s): 0 pip Profit
Open trade(s): 273 pip Profit

Trade Setup:
We opened 7 BUY trade(s) @ 133.79 (day close price) based on 'Valley' at 2020.06.30 signaled by DTO:

Open Profit:
Profit for one trade is 134.18(current price) - 133.79(open price) = 39 pip
7 trade(s) still open, therefore total profit for open trade(s) is 39 x 7 = 273 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateJuly 4, 2020 - 18:46
Currentrange bound
Forecastbeginning of uptrend
Last weekBullish

Midterm forecast:

  • While the price is above the support 123.85, beginning of uptrend is expected.
  • We make sure when the resistance at 139.75 breaks.
  • If the support at 123.85 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The descending flag taking shape suggests we will soon see another leg lower.
  • A trough is formed in daily chart at 131.65 on 06/29/2020, so more gains to resistance(s) 135.65, 137.65 and maximum to Major Resistance (139.75) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 52.

Take Profits:

  1. 135.65
  2. 137.65
  3. 139.75
  4. 143.70
  5. 146.50
  6. 149.50
Click on the level to view price action history.

Symbol Released Current Forecast
British Pound / Japanese Yen (GBPJPY) new Sat, 8 Aug 2020
British Pound / Japanese Yen (GBPJPY) Sat, 1 Aug 2020
British Pound / Japanese Yen (GBPJPY) free Sat, 25 Jul 2020
British Pound / Japanese Yen (GBPJPY) Sat, 18 Jul 2020
British Pound / Japanese Yen (GBPJPY) Sun, 12 Jul 2020