GBPJPY Bullish Continuation: Key Support Breakout and Retest
Hey Traders,
As things stand on
GBPJPY Price has just broken through a major resistance level, which has now flipped to support, and has performed a retest with the previous candlestick. This setup suggests a continuation of the upward movement, aiming to complete a deeper correction after a prolonged bearish phase.
Current Market Conditions:
Key Support: The price has broken above a significant resistance level, now turning it into support.
Bullish Setup: The retest of the previous candlestick supports the expectation of further upside.
Targets:
TP1: 189.475
TP2: 191.420
TP3: 193.290
Risk Management:
Stop-Loss: Set stop-loss below the new support level at 186.065 to manage risk in case of a reversal.
Conclusion:
With the successful breakout and retest of the support level, the price is positioned for a potential bullish continuation. Monitor the price action for upward movement and manage trades according to the outlined targets and stop-loss.
I would love to hear your thoughts in the comment section, and please hit boost and follow for more ideas. Thank you, and profitable trading to you all!
Trading Insight: "Success in trading is not just about predicting the market, but also about managing your risks effectively."
As things stand on
GBPJPY Price has just broken through a major resistance level, which has now flipped to support, and has performed a retest with the previous candlestick. This setup suggests a continuation of the upward movement, aiming to complete a deeper correction after a prolonged bearish phase.Current Market Conditions:
Key Support: The price has broken above a significant resistance level, now turning it into support.
Bullish Setup: The retest of the previous candlestick supports the expectation of further upside.
Targets:
TP1: 189.475
TP2: 191.420
TP3: 193.290
Risk Management:
Stop-Loss: Set stop-loss below the new support level at 186.065 to manage risk in case of a reversal.
Conclusion:
With the successful breakout and retest of the support level, the price is positioned for a potential bullish continuation. Monitor the price action for upward movement and manage trades according to the outlined targets and stop-loss.
I would love to hear your thoughts in the comment section, and please hit boost and follow for more ideas. Thank you, and profitable trading to you all!
Trading Insight: "Success in trading is not just about predicting the market, but also about managing your risks effectively."
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