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

#GBPJPY
Total Profit: 2786 pip
Closed trade(s): 786 pip Profit
Open trade(s): 2000 pip Profit

Trade Setup:
We opened 8 SELL trades @ 168.251 based on 'Peakr' entry method at 2022-11-02.

Closed Profit:
TP1 @ 166.876 touched at 2022-11-03 with 137 pip Profit.
TP2 @ 165.726 touched at 2022-11-03 with 252 pip Profit.
TP3 @ 164.277 touched at 2022-11-11 with 397 pip Profit.
137 + 252 + 397 = 786 pip

Open Profit:
Profit for one SELL trade is 168.251(open price) - 164.249(current price) = 400 pip
5 trade(s) still open, therefore total profit for open trade(s) is 400 x 5 = 2000 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.

DateNovember 12, 2022 - 20:28
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 172.095, beginning of downtrend is expected.
  • We make sure when the support at 159.725 breaks.
  • If the resistance at 172.095 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 167.64374407089 on 2022-09-13 and the peak at 172.115 on 2022-10-31, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • 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 169.085 on 11/07/2022, so more losses to support(s) 162.500, 160.656 and minimum to Major Support (159.725) 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 44.

Take Profits:

  1. 166.876
  2. 165.726
  3. 164.277
  4. 162.500
  5. 160.656
  6. 159.725
  7. 150.974
Click on the level to view price action history.