GBPJPY WEEKLY 5/5-5/10 ANALYSIS
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.
This past week, we have seen price rally from our Monthlyof 144.000 toward our Monthly 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!