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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

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Trade Setup

#GBPJPY
Total Profit: -3123 pip
Closed trade(s): 0 pip Profit
Open trade(s): -3123 pip Profit

Trade Setup:
We opened 9 SELL trade(s) @ 150.62 (day close price) based on ' Shooting Star' at 2021.04.20 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Open Profit:
Profit for one trade is 150.62(open price) - 154.09(current price) = -347 pip
9 trade(s) still open, therefore total profit for open trade(s) is -347 x 9 = -3123 pip

Trading suggestion:

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

DateMay 22, 2021 - 22:10
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 156.600, beginning of downtrend is expected.
  • We make sure when the support at 142.200 breaks.
  • If the resistance at 156.600 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • While the RSI support #1 at 43 is not broken, the probability of price decrease would be too low.
  • A peak is formed in daily chart at 154.80 on 05/18/2021, so more losses to support(s) 153.35, 151.90, 148.50 and minimum to Major Support (142.20) 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 65.

Take Profits:

  1. 148.50
  2. 146.50
  3. 144.95
  4. 140.10
  5. 137.65
  6. 135.65
  7. 133.05
  8. 123.85
Click on the level to view price action history.