GBPJPY: LONG Idea, The price GROWS after the CONSOLIDATION
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TECHNICAL ANALYSIS:
Since the end of March 2020, the price has been moving with a strong uptrend until the end of December 2020, it's possible to get a better idea switching to the daily or weekly perspective.
At end of December 2020, the price started a period of consolidation, bouncing up and down between two S/R levels, but on the 11th on January, the price got a rejection on a different support level, getting a strong bullish impulse.
The price broke an important daily resistance level at about 141.237 and is now trying to reach the next target at about 143.000
CONCLUSION:
I'm confident to see the price reaching the level at about 143.000, lot of traders already have long positions on this trade, but I think that the strong bullish impulse started few days ago needs now a short correction, so I would start planning my Long position if the price will get a pullback on the support level at 141.275.
IF THE PRICE will get a pullback on the support level (see the chart), you might consider the following trade details:
ENTRY POINT: 141.569
TAKE PROFIT: 142.950
STOP LOSS: 140.878
RISK/REWARD RATIO: 2
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
TECHNICAL ANALYSIS:
Since the end of March 2020, the price has been moving with a strong uptrend until the end of December 2020, it's possible to get a better idea switching to the daily or weekly perspective.
At end of December 2020, the price started a period of consolidation, bouncing up and down between two S/R levels, but on the 11th on January, the price got a rejection on a different support level, getting a strong bullish impulse.
The price broke an important daily resistance level at about 141.237 and is now trying to reach the next target at about 143.000
CONCLUSION:
I'm confident to see the price reaching the level at about 143.000, lot of traders already have long positions on this trade, but I think that the strong bullish impulse started few days ago needs now a short correction, so I would start planning my Long position if the price will get a pullback on the support level at 141.275.
IF THE PRICE will get a pullback on the support level (see the chart), you might consider the following trade details:
ENTRY POINT: 141.569
TAKE PROFIT: 142.950
STOP LOSS: 140.878
RISK/REWARD RATIO: 2
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
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