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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

Download MT4 template file

Trade Setup
#GBPJPY
Total Profit: 3912 pip
Closed trade(s): 1168 pip Profit
Open trade(s): 2744 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.
TP3 @ 139.75 touched at 2020.08.13 with 596 pip Profit.
186 + 386 + 596 = 1168 pip

Open Profit:
Profit for one trade is 140.65(current price) - 133.79(open price) = 686 pip
4 trade(s) still open, therefore total profit for open trade(s) is 686 x 4 = 2744 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 135.650 is broken, we will close open trades.

DateAugust 29, 2020 - 22:30
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 135.650, beginning of uptrend is expected.
  • We make sure when the resistance at 141.500 breaks.
  • If the support at 135.650 is broken, the short-term forecast -beginning of uptrend- will be invalid.
  • We will close our open trades, if the Midterm level 135.650 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 138.20 on 08/21/2020, so more gains maximum to Major Resistance (141.50) 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 66.

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.