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MavAvs
May 16, 2019 9:27 PM

GBPJPY Long

British Pound/Japanese YenFXCM

Description

GBPJPY has been in a huge downtrend for a long time. Since the past week, it has been very bearish, breaking the previous support and now stands at one of the daily support level. Historically, these kinds of huge bearish run without a retracement have been unsustainable which is why I am placing a buy order at this level for a reversal. The stop loss would be very tight at about 45 pips but the reward could be more than 100 pips. The trade should be covered once you are 20 pips up, making it a risk free trade.
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