GBPJPY Technical Analysis and Trade Idea
GBP/JPY has encountered a significant resistance level on the monthly timeframe. This level has demonstrated a strong history of price rejection. Furthermore, the pair's overextended state, following a sustained bullish run, signals a potential retracement.
Trade Strategy: A retracement to the 61.8% Fibonacci level on the 1D could present an optimal entry point for a buy position. Seek confirmation of this setup from a daily timeframe price swing aligning with the Fibonacci level. Implement a stop-loss order below the previous swing low, maintaining a minimum risk-reward ratio of 1:2.
Disclaimer: This analysis is for informational purposes and not financial advice. Always conduct your own research and risk assessment before trading.
Trade Strategy: A retracement to the 61.8% Fibonacci level on the 1D could present an optimal entry point for a buy position. Seek confirmation of this setup from a daily timeframe price swing aligning with the Fibonacci level. Implement a stop-loss order below the previous swing low, maintaining a minimum risk-reward ratio of 1:2.
Disclaimer: This analysis is for informational purposes and not financial advice. Always conduct your own research and risk assessment before trading.
🚀 ENHANCE YOUR TRADING!! 🚀
👀 👉 More FREE Signals on Telegram:
🔗 t.me/twa_forex_signals
👀 👉 Check Out Our INDICATORS
🔗 tradingwithanthony.com/indicators
👀 👉 More FREE Signals on Telegram:
🔗 t.me/twa_forex_signals
👀 👉 Check Out Our INDICATORS
🔗 tradingwithanthony.com/indicators
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.