GBPJPY / H1 / Daily Forex Technical Analysis / 5.16.2019
Hello Traders, welcome to the Daily Forex technical analysis. Today is May 16th, 2019 and we will be taking a look at the British Pound against the Japanese Yen. Looking at the 1 hour time price action has reverted back to a previous area of support and resistance near the 140.2 levels. If we can get some sort of a short bullish bounce near this area, we would be looking for an opportunity to go Long. Entry for a Long position near the 141.161 area, with a Stop Loss near the 140.611 zone, and a target profit level area of 142.512 to ensure a profitable trade with a potential 2.46 to 1 R/R.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.