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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY
Trade Setup

#GBPJPY
Total Profit: 839 pip
Closed trade(s): 839 pip Profit

Trade Setup:
We opened 6 SELL trades @ 165.495 based on 'Peakr' entry method at 2022-06-10.

Closed Profit:
TP1 @ 164.277 touched at 2022-06-13 with 122 pip Profit.
TP2 @ 162.835 touched at 2022-06-13 with 266 pip Profit.
TP3 @ 160.986 touched at 2022-06-16 with 451 pip Profit.
3 other break-even trades closed at entry price, therefore no profit no loss.
122 + 266 + 451 = 839 pip

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (166.467 to 168.420). 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 (166.467)
  • Ending of entry zone (168.420)

DateJune 25, 2022 - 19:32
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 168.420, beginning of downtrend is expected.
  • We make sure when the support at 158.094 breaks.
  • If the resistance at 168.420 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The double tops taking shape.
  • There is a divergence in RSI and price between the peak at 168.426 on 2022-04-20 and the peak at 168.718 on 2022-06-09, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 167.810 on 06/22/2022, so more losses to support(s) 164.277, 162.835, 160.986 and minimum to Major Support (158.094) 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 57.

Take Profits:

  1. 164.277
  2. 162.835
  3. 160.986
  4. 158.094
  5. 155.655
Click on the level to view price action history.