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GBPJPY (1 Hour): Updated setup!!!

Short
British Pound / Japanese Yen (OANDA:GBPJPY)  
DrSwing_Forex  
OANDA:GBPJPY   British Pound / Japanese Yen
Trend Analysis Support and Resistance Trend Lines
6
0
trendanalysis supportandresistance trendline
Hello traders, here's a short update on GBPJPY, enjoy.

Reward: 582 pips🤑
Risk: 40 pips ( To avoid premature stop loss)❌
Risk/Reward Ratio: 15.52✅

Chart Breakdown:📈📉
  • Daily: A sell setup is in playas a result of a 3rd touch of a daily downward trendline + resistance.
    Price was in a downtrend and is currently consolidating on this timeframe.
  • 4 Hour: We have a break and re-test (bearish setup) of an upward trendline.
  • 1 Hour:This timeframe shares the same break and re-test setup seen on the 4 hour chart. Price is in a small consolidation, indicating possible continuation to the downside.
    Entry will take place at the touch of the resistance level + downward trendline drawn on the 15 min timeframe. Wait for a bearish reversal candle stick to confirm entry.
    Price breached the last higher-low, giving us reason to anticipate sells
Price might go for a second re-test of the upward trendline, therefore exercise patience and wait for confirmation before entering.

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DR.Swing_Forex

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