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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

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Trade Setup
#GBPJPY
Total Profit: 2942 pip
Closed trade(s): 572 pip Profit
Open trade(s): 2370 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:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 135.65 touched at 2020.07.09 with 186 pip Profit.
TP2 @ 137.65 touched at 2020.07.31 with 386 pip Profit.
186 + 386 = 572 pip

Open Profit:
Profit for one trade is 138.53(current price) - 133.79(open price) = 474 pip
5 trade(s) still open, therefore total profit for open trade(s) is 474 x 5 = 2370 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.
  • If the Midterm level 135.65 is broken, we will close open trades.

DateAugust 1, 2020 - 19:44
Currentrange bound
Forecastbeginning of uptrend
Last weekBullish

Midterm forecast:

  • While the price is above the support 135.65, beginning of uptrend is expected.
  • We make sure when the resistance at 139.75 breaks.
  • If the support at 135.65 is broken, the short-term forecast -beginning of uptrend- will be invalid.
  • We will close our open trades, if the Midterm level 135.65 is broken.

Technical analysis:

  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A trough is formed in daily chart at 131.65 on 06/29/2020, so more gains 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 74.

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.