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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

Download MT4 template file

Trade Setup

#GBPJPY
Total Profit: 6343 pip
Closed trade(s): 2665 pip Profit
Open trade(s): 3678 pip Profit

Trade Setup:
We opened 12 SELL trade(s) @ 152.25 (day close price) based on 'Peak and Shooting Star' at 2018.04.18 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 151.95 touched at 2018.04.19 with 30 pip Profit.
TP2 @ 150.70 touched at 2018.04.20 with 155 pip Profit.
TP3 @ 148.45 touched at 2018.05.03 with 380 pip Profit.
TP4 @ 146.95 touched at 2018.05.23 with 530 pip Profit.
TP5 @ 145.25 touched at 2018.05.29 with 700 pip Profit.
TP6 @ 143.55 touched at 2018.05.29 with 870 pip Profit.
30 + 155 + 380 + 530 + 700 + 870 = 2665 pip

Open Profit:
Profit for one trade is 152.25(open price) - 146.12(current price) = 613 pip
6 trade(s) still open, therefore total profit for open trade(s) is 613 x 6 = 3678 pip

Trading suggestion:

  • We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
  • If the Midterm level 150.700 is broken, we will close open trades.

DateJune 2, 2018 - 17:12
Currentdowntrend
Forecastcontinuation of downtrend

Midterm forecast:

  • 150.700 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
  • We will close our open trades, if the Midterm level 150.700 is broken.

Technical analysis:

  • The RSI bounced from the support #1 at 25 and it prevented price from more losses.
  • While the RSI resistance #2 at 49 is not broken, the probability of price increase would be too low.
  • A trough is formed in daily chart at 143.20 on 05/29/2018, so more gains to resistance(s) 146.95, 148.45 and maximum to Trend Hunter Sell Zone (152.80 to 156.60) 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 42.

Take Profits:

  1. 151.95
  2. 150.70
  3. 148.45
  4. 146.95
  5. 145.25
  6. 143.55
  7. 139.45
  8. 135.60
  9. 129.60
  10. 125.50
  11. 116.80
Click on the level to view price action history.