GBPJPY WEEKLY 5/5-5/10 ANALYSIS

British Pound/Japanese Yen FX:GBPJPY
BearishBull617



Good Afternoon Traders! #ForexFargo checking back in!

Apologies that it has been quite some time, but I needed to take time off and refine my craft!

Today our analysis today is on #GBPJPY!

I believe the overall trend is Bullish .

This past week, we have seen price rally from our Monthly Support Level of 144.000 toward our Monthly Resistance Level of 146.500.

A nice 250 Pip Rally. I still believe there is room for price to continue its climb toward 147.500, which is our next designated Zone.

I believe that there will be a retracement toward one of these red lines.. 23.6, 38.2, 50.0 marked respectively, before continuing back up.

I have a Short Position set for the retracement (Counter-Trend Trade) & a long position set for the continuation (Trend-Continuation Trade).

SELL ENTRY/LIMIT @ 146.500
STOP LOSS @ 146.750 (-25 PIPS)
TP1 @ 145.850 (65 PIPS)
TP2 @ 145.450 (100 PIPS)
TP3 @ 145.150 (135 PIPS)

BUY ENTRY/LIMIT @ 145.500
STOP LOSS @ 145.300 (-20 PIPS)
TP1 @ 146.000 (50 PIPS)
TP2 @ 146.500 (100 PIPS)
TP3 @ 147.000 (150 PIPS)
TP4 @ 147.500 (200 PIPS)

PLEASE REFER TO CHART FOR MORE DETAILS!

AS ALWAYS, HAPPY TRADING!

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