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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

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Trade Setup

#GBPJPY
Total Profit: 5315 pip
Closed trade(s): 1364 pip Profit
Open trade(s): 3951 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.
TP2 @ 145.30 touched at 2017.05.04 with 478 pip Profit.
TP3 @ 147.70 touched at 2017.05.09 with 718 pip Profit.
168 + 478 + 718 = 1364 pip

Open Profit:
Profit for one trade is 144.91(current price) - 140.52(open price) = 439 pip
9 trade(s) still open, therefore total profit for open trade(s) is 439 x 9 = 3951 pip
_______________________________________________

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (135.75 to 132.15). 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 (135.75)
    • Support on 04/17/2017
    • Support on 04/14/2017
    • 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
  • Ending of entry zone (132.15)
    • Resistance on 10/06/2016
    • Resistance on 10/05/2016
    • Resistance on 09/29/2016
    • Trough on 11/22/2010
    • Trough on 11/17/2010
    • Trough on 11/16/2010

DateMay 20, 2017 - 20:47
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 148.05 on 05/10/2017, so more losses to support(s) 142.20, 138.75 and minimum to Trend Hunter Buy Zone (135.75 to 132.15) 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 56.

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.