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Weekly forecast British Pound vs. Japanese Yen technical chart
Symbol GBPJPY

Download MT4 template file

Trade Setup

#GBPJPY
Total Profit: 10477 pip
Closed trade(s): 10477 pip Profit
Open trade(s): 0 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:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 142.20 touched at 2017.08.30 with 140 pip Profit.
TP2 @ 145.30 touched at 2017.09.12 with 450 pip Profit.
TP3 @ 147.70 touched at 2017.09.14 with 690 pip Profit.
TP4 @ 151.60 touched at 2017.09.20 with 1080 pip Profit.
TP5 @ 154.70 touched at 2018.01.22 with 1390 pip Profit.
140 + 450 + 690 + 1080 + 1390 = 3750 pip

Closed Profit:
Profit for one trade is 150.41(current price) - 140.80(open price) = 961 pip
7 trade(s) closed at market price as trend direction is changed, therefore total profit will increase by 961 x 7 = 6727 pip
_______________________________________________

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (151.60 to 156.10). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (151.60)
    • Support on 02/07/2018
    • Support on 02/06/2018
    • Support on 12/29/2017
    • Resistance on 12/26/2017
    • Resistance on 12/14/2017
    • Resistance on 12/13/2017
    • Resistance on 12/12/2017
    • Resistance on 12/05/2017
    • Resistance on 12/04/2017
    • Resistance on 11/02/2017
    • Resistance on 11/01/2017
    • Resistance on 09/28/2017
    • Resistance on 09/27/2017
    • Resistance on 09/25/2017
    • Resistance on 09/20/2017
    • Resistance on 09/19/2017
    • Resistance on 09/18/2017
    • Resistance on 09/15/2017
    • Resistance on 06/14/2016
    • Support on 06/10/2016
    • Trough on 04/11/2016
    • Trough on 04/08/2016
    • Trough on 04/07/2016
    • Support on 04/07/2016
  • Ending of entry zone (156.10)
    • Resistance on 02/02/2018
    • Resistance on 02/01/2018
    • Peak on 01/25/2018
    • Resistance on 01/25/2018

DateSun, 02/11/2018 - 16:35
Currentrange bound
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

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

Technical analysis:

  • A peak is formed in daily chart at 156.60 on 02/02/2018, so more losses to support(s) 149.35, 147.75, 145.95 and more depths 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 39.

Take Profits:

  1. 149.35
  2. 147.75
  3. 145.95
  4. 144.45
  5. 142.20
  6. 139.30
  7. 136.90
  8. 132.30
  9. 129.60
  10. 125.50
  11. 116.80
Click on the level to view price action history.