GBPJPY: Trade Opportunities in Both Directions
British Pound/Japanese Yen FX:GBPJPY
The market gives us a unique opportunity to trade in both directions. We have 2 possible models where the buyers and the sellers will be able to catch a price movement depending on an exact trading signal.
If the price bounces from the Bollinger Band and a support level , it will be a new buying opportunity with stop orders below the local swing low and the support. The profit targets should be SMAs and 142.500 resistance level . RSI and MACD are going to support the price reversal and further upward movement. Search for the exact entry points using the daily and hourly timeframes.
If the price breaks the local swing low and the support zone , it will be a good bearish signal. The market has enough space for the downward movement and the sellers will be able to make a good profit. Of course, if they can build a new downtrend. Search for the exact entry and exit points using the daily and hourly timeframes.
Don’t forget about proper money management. Risk per trade should be no more than 2% of the capital.
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