GBP/JPY Buy idea based on 4-hour chart
Updated
Hello traders, hope you a great New Year! Coming back to GBP/JPY,
we can see that the support level at 178.50 is still intact.
So, as long as price stays above the support level, we can look for buy trades.
Formation of two or more bullish candlesticks in the support zone would
solidify the bullish bias.
I would recommend going long between 178.50-179 with Stop loss below the
178 level and TP1 at 181.50 and TP2 at 184. Note that this set-up would be
invalid if the support zone breaks.
we can see that the support level at 178.50 is still intact.
So, as long as price stays above the support level, we can look for buy trades.
Formation of two or more bullish candlesticks in the support zone would
solidify the bullish bias.
I would recommend going long between 178.50-179 with Stop loss below the
178 level and TP1 at 181.50 and TP2 at 184. Note that this set-up would be
invalid if the support zone breaks.
Note
50 Pips profit since I postedNote
Trade is currently in over 100 pips profitNote
Currently in over 150 Pips profitNote
Price at 181.40 now, which is 200 Pips up since I posted. It is going for the 4H resistance , wise to take partial profitTrade closed: target reached
Price at 182 now, this idea generated 260 Pips profit.Note
Price reached second target of 184 as well
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