GBPJPY Update: Profit=1445 pip SL=400 pip Reward/Risk > 3.6:1

20. Juli 2020

Trade Setup summary:
Profit targets=1445 pip (70+ 145+ 290+ 415+ 535)
Stop Loss =400 pip
Reward/Risk > 3.6 : 1

Current Status:

Total Profit: 650 pip
Closed trade(s): 215 pip Profit
Open trade(s): 435 pip Profit

Trade Setup:
We opened 5 BUY trade(s) @ 134.35 based on 'previous Forecast' at 2020.07.17 :

Open Profit:
Profit for one trade is 135.8 (current price) - 134.35 (open price) = 145pip
3 trade(s) still open, therefore total profit for open trade(s) is 145 x = 435 pip

Technical analysis:
.GBPJPY is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 64.

Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (134.35) again. if so, traders can set orders based on Price Action and expect to reach short-term targets.

Take Profits:
TP1= @ 120.65
TP2= @ 121.10
TP3= @ 121.10
TP4= @ 123.30
TP5= @ 124.44

SL= Break below S2

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