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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

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Trade Setup

#GBPJPY
Total Profit: -3363 pip
Closed trade(s): 168 pip Profit
Open trade(s): -3531 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 137.31(current price) - 140.52(open price) = -321 pip
11 trade(s) still open, therefore total profit for open trade(s) is -321 x 11 = -3531 pip
_______________________________________________

Trading suggestion:

Price is in the Trend Hunter Buy Zone (138.75 to 135.75).

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

  • Beginning of entry zone (138.75)
    • Resistance on 04/06/2017
    • Resistance on 04/05/2017
    • 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 8, 2017 - 08:13
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 peak is formed in daily chart at 140.00 on 03/31/2017, so more losses minimum to Trend Hunter Buy Zone (138.75 to 135.75) 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 38.

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.