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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

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Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
  • If the Midterm level 147.050 is broken, we will close open trades.

DateJanuary 6, 2018 - 19:59
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 153.400, beginning of downtrend is expected.
  • We make sure when the support at 147.050 breaks.
  • If the resistance at 153.400 is broken, the short-term forecast -beginning of downtrend- will be invalid.
  • We will close our open trades, if the Midterm level 147.050 is broken.

Technical analysis:

  • A trough is formed in daily chart at 149.40 on 12/15/2017, so more gains to resistance(s) 154.70, 158.40, 162.45 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 64.

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.