GBP JPY Breakout trade

Randy BalcomBlog, Trades0 Comments

The GBP JPY has formed a narrow box for the past month on the daily chart and price has broken out to the short side. Look for price to continue to the short side.

 

On the 4 hour, price has retraced back into this area, finding support at around 146.600.

Consider selling when price has a sell signal on the 4 hour. (Doji, Bear Candle)

Target should be above the 50% retracement of the daily box, target is near the bottom the short dynamic zone. Note: Price will likely find support at around 145.000. Consider moving your stop to break even if price shows some strength in the at area.

 

Chart Commentary Disclaimer: Randy’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Do not blindly buy and sell the markets/products discussed in this post, do your own research and be aware of the risks and rewards.

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