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Day trading strategies GBPJPY 5-07-2016 by AzaForex forex broker

FX:GBPJPY   British Pound / Japanese Yen
Day trading strategies on the currency pair GBPJPY             5-07-2016 by AzaForex forex broker
Tips for forex traders that may help your trading.
Pound was unable to recover after such a sharp fall. All attempts of the currency to raise its rate turned out to be a failure. Watching the currency pairs that are in the cross with the pound, you can see the dynamics of the downward trend. Where the price has broken through the support level at which the currency price is reached to the level of support, but overall, downward movement and the rally down to the Pound Forex market is assured. We also decided to join the bears and will open a short position as soon as the price will be the level of support. Given that the next support level on the chart is too far away, this trading can bring good profits.

The price is below a simple moving average 200 MA and 20 MA indicating bearish trend .
The MACD trend indicator is below zero level now, indicating bearish movement.

If the support level is broken you can use the following recommendation:
• Chart timeframe: H4
• The trade recommendation: Sell
• The level of entry into short position 133.20
• The level of profit and close the position: 131.00 (220 pips)
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