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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

Download MT4 template file

Trade Setup

#GBPJPY
Total Profit: 92 pip
Closed trade(s): 92 pip Profit
Open trade(s): 0 pip Profit

Trade Setup:
We opened 7 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...

Closed Profit:
TP1 @ 149.70 touched at 2021.04.22 with 92 pip Profit.

6 other break-even trades closed at entry price, therefore no profit no loss.

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (155.15 to 156.60). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (155.15)
    • Resistance on 01/22/2018
    • Resistance on 01/23/2018
    • Resistance on 01/26/2018
    • Resistance on 01/31/2018
    • Resistance on 06/07/2021
    • Resistance on 06/08/2021
    • Resistance on 06/09/2021
    • Resistance on 06/10/2021
    • Resistance on 06/11/2021
    • Resistance on 06/16/2021
    • Resistance on 06/23/2021
    • Peak on 06/24/2021
    • Resistance on 06/24/2021
  • Ending of entry zone (156.60)
    • Resistance on 02/01/2018
    • Resistance on 02/02/2018

DateJuly 10, 2021 - 20:19
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 148.500 breaks.
  • If the resistance at 156.600 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
  • A trough is formed in daily chart at 150.65 on 07/08/2021, so more gains to resistance(s) 153.65, 155.15 and maximum to Major Resistance (156.60) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 47.

Take Profits:

  1. 153.65
  2. 151.40
  3. 149.70
  4. 148.50
  5. 146.50
  6. 145.00
  7. 142.75
  8. 140.10
Click on the level to view price action history.