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Weekly forecast British Pound / Japanese Yen technical chart
Symbol GBPJPY

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Trade Setup
#GBPJPY
Total Profit: 2704 pip
Closed trade(s): 716 pip Profit
Open trade(s): 1988 pip Profit

Trade Setup:
We opened 10 BUY trade(s) @ 142.28 (day close price) based on 'Two-day reversal candle (Hammer)' at 2019.02.15 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 143.20 touched at 2019.02.19 with 92 pip Profit.
TP2 @ 144.85 touched at 2019.02.20 with 257 pip Profit.
TP3 @ 145.95 touched at 2019.02.26 with 367 pip Profit.
92 + 257 + 367 = 716 pip

Open Profit:
Profit for one trade is 145.12(current price) - 142.28(open price) = 284 pip
7 trade(s) still open, therefore total profit for open trade(s) is 284 x 7 = 1988 pip

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 143.700 is broken, we will close open trades.

DateMarch 23, 2019 - 17:33
Currentuptrend
Forecastcontinuation of uptrend

Midterm forecast:

  • While the price is above the support 143.700, continuation of uptrend is expected.
  • We make sure when the resistance at 149.500 breaks.
  • If the support at 143.700 is broken, the short-term forecast -continuation of uptrend- will be invalid.
  • We will close our open trades, if the Midterm level 143.700 is broken.

Technical analysis:

  • While the RSI support #1 at 46 is not broken, the probability of price decrease would be too low.
  • A peak is formed in daily chart at 148.85 on 03/14/2019, so more losses to support(s) 144.85 and minimum to Major Support (143.70) 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 47.

Take Profits:

  1. 143.20
  2. 144.85
  3. 145.95
  4. 149.50
  5. 153.75
  6. 156.60
  7. 159.30
  8. 168.00
  9. 195.85
Click on the level to view price action history.