Sell GBPJPY Channel Breakout
Updated
The GBP/JPY pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a well-defined bearish channel pattern. This suggests a shift in momentum towards the downside and a higher likelihood of further declines in the coming minutes or hours.
Key Points:
Sell Entry: Consider entering a short position around the current price of 190.62, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels: Initial bearish targets lie at the previous support levels within the channel 190 and 189.62
Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the channel, ideally around 191.00. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you
Key Points:
Sell Entry: Consider entering a short position around the current price of 190.62, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels: Initial bearish targets lie at the previous support levels within the channel 190 and 189.62
Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the channel, ideally around 191.00. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you
Trade active
Stronger JPY: The Japanese Yen (JPY) has strengthened recently due to its safe-haven status amid ongoing geopolitical tensions and concerns about a global economic slowdown. This could put downward pressure on GBP/JPY.Weak UK Data: Recent data releases from the UK, including weaker-than-expected GDP growth and retail sales figures, continue to raise concerns about the UK economy. This could weaken the Pound Sterling (GBP).
Note
Note
Trade closed: target reached
2nd Target Reached With Good Profit
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