GBPJPY Technical Overview and Trade Idea

Chart Time Frame : H4

Dragon closed above the EMA 50 of the H4 chart timeframe and SMA 5 of the daily chart. This indicates a starting of a bullish trend.

GBPJPY is trading at 146.600 as of writing. MM 4/8 Ultimate support / Trend Reversal of H4 Chart is located at 146.800. A Break above 146.800 will carry the price, 147.250, 147.600 and 148.400.

As seen in the chart, the pair is likely to test the trend line.

So our trade idea is :

TRADE : LONG

ENTRY: 146.600 ( Or close below 146.800 )

STOP: 145.000

TARGET 1: 147.200

TARGET 2: 148.200

DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

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