GBP/JPY 4H Update

An article by Gus    2 Comments

Hey everyone we got a small break today on the GBP/JPY 4H pair using the Monday breakout tool. I attached a screen shot of the trade and while it was a small trade it was a nice treat before the end of the year. I only got in about 30 pips but I was just having some fun.

As you can see it was a small break to TP1 where we hit 146.62 this is a strong resistance level and we will have to wait to see what happens. A break there would signal a move towards 149.15 and then high once that line is broken. If the price decides to just test 146.62 and start going downwards again we will probably hit 143.78 and then wait at resistance line 141.99 this is the last resistance level in my trading plan that will signal that the downturn has begun again to get a new low at 118.81 and a lot of pips for us.

Here is the screen shot of some of my support and resistance lines I threw on the charts this week and the ones I will keeping a close eye on.

This will begin to be a waiting game to see where the price goes, patience is a virtue in this time of year with low liquidity around the world and many traders not even working. I recommend if you trade to have tight stop loss and take profits since price is not moving to far in either direction.

Good luck to everyone,

Gus FX