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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

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Trade Setup

#GBPJPY
Total Profit: -679 pip
Closed trade(s): 168 pip Profit
Open trade(s): -847 pip Profit
_______________________________________________
Trade Setup:
We opened 12 BUY trade(s) @ 140.52 (day close price) based on 'Two-Day Reversal Candle (Hammer)' at 2017.02.07.

Closed Profit:
TP1 @ 142.20 touched at 2017.02.10 with 168 pip Profit.

Open Profit:
Profit for one trade is 139.75(current price) - 140.52(open price) = -77 pip
11 trade(s) still open, therefore total profit for open trade(s) is -77 x 11 = -847 pip
_______________________________________________

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (138.75 to 135.75). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (138.75)
    • Support on 03/24/2017
    • Support on 03/23/2017
    • Support on 03/22/2017
    • Support on 03/21/2017
    • Support on 03/20/2017
    • Support on 03/16/2017
    • Support on 03/08/2017
    • Support on 03/07/2017
    • Support on 02/28/2017
    • Support on 02/27/2017
    • Support on 02/07/2017
    • Support on 01/12/2017
    • Support on 11/29/2016
    • Support on 11/28/2016
    • Resistance on 11/22/2016
    • Resistance on 11/21/2016
    • Resistance on 09/02/2016
    • Resistance on 07/29/2016
    • Support on 07/25/2016
    • Support on 07/22/2016
    • Support on 07/21/2016
    • Support on 07/20/2016
    • Support on 07/19/2016
    • Support on 07/18/2016
    • Resistance on 07/13/2016
    • Resistance on 07/12/2016
    • Resistance on 06/30/2016
    • Resistance on 06/29/2016
  • Ending of entry zone (135.75)
    • Support on 11/18/2016
    • Support on 11/17/2016
    • Resistance on 11/14/2016
    • Resistance on 09/15/2016
    • Support on 09/12/2016
    • Support on 09/09/2016
    • Support on 09/01/2016
    • Support on 07/26/2016
    • Support on 07/04/2016
    • Support on 07/01/2016
    • Support on 06/30/2016
    • Trough on 03/31/2009
    • Trough on 03/30/2009

DateApril 1, 2017 - 15:49
Currentrange bound
Forecastresumption of uptrend

Midterm forecast:

  • There is no trend in the market and the price is in a range bound, but we forecast resumption of uptrend.

Technical analysis:

  • A trough is formed in daily chart at 137.45 on 03/29/2017, so more gains to resistance(s) 142.20, 145.30, 147.70 and more heights 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 52.

Take Profits:

  1. 142.20
  2. 145.30
  3. 147.70
  4. 151.60
  5. 154.70
  6. 158.40
  7. 162.45
  8. 170.00
  9. 174.80
  10. 180.40
  11. 195.85
Click on the level to view price action history.