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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

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Trade Setup

#GBPJPY
Total Profit: 2340 pip
Closed trade(s): 140 pip Profit
Open trade(s): 2200 pip Profit
_______________________________________________
Trade Setup:
We opened 12 BUY trade(s) @ 140.80 (day close price) based on 'Valley' at 2017.08.25 signaled by DTO:
http://ForecastCity.com/forecasts/Forex/daily-trading-opportunity/GBPJPY...

Closed Profit:
TP1 @ 142.20 touched at 2017.08.30 with 140 pip Profit.

Open Profit:
Profit for one trade is 142.80(current price) - 140.80(open price) = 200 pip
11 trade(s) still open, therefore total profit for open trade(s) is 200 x 11 = 2200 pip
_______________________________________________

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (139.30 to 135.55). 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 (139.30)
    • Support on 08/24/2017
    • Trough on 08/24/2017
    • Support on 08/23/2017
    • Support on 06/15/2017
    • Support on 06/14/2017
    • Support on 06/09/2017
    • Resistance on 04/19/2017
    • Resistance on 04/18/2017
    • Resistance on 03/28/2017
    • Resistance on 03/27/2017
    • Support on 03/17/2017
    • Support on 03/16/2017
    • Support on 03/15/2017
    • Support on 03/14/2017
    • Support on 03/13/2017
    • Support on 03/10/2017
    • Support on 03/06/2017
    • Support on 02/28/2017
    • Support on 02/27/2017
    • Support on 02/24/2017
    • Trough on 11/30/2009
    • Trough on 11/27/2009
  • Ending of entry zone (135.55)
    • Support on 04/17/2017

DateSeptember 3, 2017 - 10:37
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 139.30 on 08/24/2017, so more gains to resistance(s) 145.30, 147.70, 151.60 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 53.

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.