GBPJPY: Trade Opportunities at 137.50 Support

GBPJPY: Trade Opportunities at 137.50 Support

British Pound/Japanese Yen FX:GBPJPY

DLavrov

The price is going to bounce from 137.50 support. It gives us a possible buying opportunity. For the exact bullish setups, we can use the daily and hourly timeframes. Stop orders for all long trades must be placed below the support and the local swing low. The main profit target should be 139.75 resistance.

If the price breaks the support, it will be a bearish signal. The price will be able to move toward SMA200 and the uptrend line. We will use the breakout as a bearish signal with stop orders above the local swing high and the profit targets at SMA50 and SMA200.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Source: TW DLavrov

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