The GBPJPY currency pair is at the fork in the road

  • Jan 25 2022
  • by
  • Analyst AZA
The GBPJPY currency pair is at the fork in the road

The GBPJPY currency pair is at the fork in the road

After a dizzying rise, the British pound was unable to hold new highs. The price returned to the middle of the big channel. After crossing the 200 moving average, the price created a new fractal on the 4-hour chart. We will use the breakdown of the fractal low as a signal to open a short position with a target of 50 pips to the nearest support level.

Symbol: GBPJPY
Order Type: Pending Order - Sell Stop
Entry Price at 152.90
Take Profit at 152.40
Pips Earning: 50

Forex trade strategy for major currency pairs:
EURUSD sell at the price of 1.1270
USDJPY buy at the price of 114.20
GBPUSD sell at the price of 1.3435
USDCHF buy at the price of 0.9205

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Forex Trading Recommendation
The profit can be $476.19 if the trading volume of 100000 GBP (1 Lot).

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