GBPJPY: Buy Opportunity
The price reached the daily trend line. The price action in this zone will be able to provide us a new buy opportunity. As we can see now, the downward movement was stopped at the trend line. RSI is not far from the oversold zone. MACD is going to confirm the price reversal.
How to trade? If the market gives us a bullish candle or a reversal candlestick pattern, it will be possible to use this signal to open long positions. Stop-loss orders must be placed below the local swing low. The main profit target should be at SMA100.
If the price drops below 141.200 support, we should be ready to see the further falling to the next support zones.
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.
How to trade? If the market gives us a bullish candle or a reversal candlestick pattern, it will be possible to use this signal to open long positions. Stop-loss orders must be placed below the local swing low. The main profit target should be at SMA100.
If the price drops below 141.200 support, we should be ready to see the further falling to the next support zones.
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.
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