Good morning everyone! I will give you my analysis for GBPJPY pair. There is a bearish divergence confirmed with a doji candlestick on H4 chart. We can take this opportunity to go short.

Good morning everyone! I will give you my analysis for GBPJPY pair. I’ve been checking this pair since last night and I’m waiting for the right time to enter the trade. Let’s take a look:

There is bearish divergence on H4 chart. The price has been moving up since last month but the price now is near a strong resistance around 187.63 (fibo level 76.4).

gbpjpy
Also there is doji candlestick, this could be a signal to go short as there might be a directional change in the price trend. I have entered the trade, I put my stop loss above the latest high. My profit target is around fibo level 61.8 level, 186.15.

Position : SELL
SL & TP: around 188.20 & 186.15

I will wait for the price to reach the first target, around 186.90, and then I will move my stop loss to breakeven. One thing to remember here, we should always watch the price movements and the indicator just in case the price moves up. Make sure you know when and why you exit the trade. I recommend CLOSING the trade if you see any bullish divergence on H4 or Hourly chart.

That’s my analysis for GBPJPY pair, hope this helps.

Good Luck, Happy trading!
RICO FY