Monthly chart indicates this currency pair is in a major upward trend.
Daily chart shows this currency pair in an upward trend. Yesterday this pair was corrective as noted by the red inside candle. Today's candle has made a lower high as noted by its lower candle wick. Today's candle is now green indicating buyers have taker over. This is the perfect place to take a low risk Long trade.
I have set my Entry at the high of the red candle. If price breaks out above this level making a higher high it would be an indication of an upward trend.
I have set my Stop Loss at 4 pips below of the current green candle. If the Entry is entered and this market starts an upward trend this stop loss should not get hit.
I have placed my Take Profit for a 3:1 reward to risk ratio. This is inline with the tall upper wicks made in mid December indicating a rejection of higher prices at this is indicating resistance.
GBPJPY is one of the 10 most volatile currency pairs and has an average daily range of 155 PIP's per day since 2014. This suggests that this trade should only take 2 or 3 day's to hit the profit target.
Daily chart shows this currency pair in an upward trend. Yesterday this pair was corrective as noted by the red inside candle. Today's candle has made a lower high as noted by its lower candle wick. Today's candle is now green indicating buyers have taker over. This is the perfect place to take a low risk Long trade.
I have set my Entry at the high of the red candle. If price breaks out above this level making a higher high it would be an indication of an upward trend.
I have set my Stop Loss at 4 pips below of the current green candle. If the Entry is entered and this market starts an upward trend this stop loss should not get hit.
I have placed my Take Profit for a 3:1 reward to risk ratio. This is inline with the tall upper wicks made in mid December indicating a rejection of higher prices at this is indicating resistance.
GBPJPY is one of the 10 most volatile currency pairs and has an average daily range of 155 PIP's per day since 2014. This suggests that this trade should only take 2 or 3 day's to hit the profit target.