GBPJPY / H4 / Daily Forex Technical Analysis / 4.18.2019

Long

British Pound / Japanese Yen (OANDA:GBPJPY)

Updated

OANDA:GBPJPY British Pound / Japanese Yen

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Hello Traders, welcome to the Daily Forex technical analysis. Today is April 18th, 2019 and we will be taking a look at the British Pound against the Japanese Yen. Looking at the 4 hour time frame we can see price action has retraced back to the 145.859 area and its now acting as support, where previously it was acting as resistance a few times. As price action holds near the 145.859 area as support we will be looking for some more bullish continuation to possibly enter for a Long position. If we get more bullish candles to print to the upside we would be looking for a Long entry near the 146.243 area with a Stop Loss near the 145.687 region below our support zone. And target our profit level of 146.243 to ensure a profitable 1.95 to 1 R/R. We are so pleased to have you tune in, please feel free to write a comment or leave feedback, any advice is greatly appreciated. Have great day and good hunting out there traders!

Comment:

Unfortunately the bullish continuation we wanted to see too print more bullish candles off the 145.859 which acted as support has broke down invalidating the setup the entry was never triggered. If the trade would have been triggered we would have been stopped out near the 145.687 region.

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