Categories: Forex Education

GBPJPY Looks Set For More Losses

The British Pound suffered heavy losses recently against the Japanese Yen, and it looks like more declines are likely. We are already short, and we can add more sells if the GBPJPY pair corrects from the current levels. There is a chance of band to band move on the daily chart, which means there is still room for more downsides in the near term. We can wait for a minor correction to enter a sell trade for GBPJPY.
There was a triangle formed on the hourly chart, which was breached and might act as a resistance moving ahead.

Technical Analysis

H1 – Band to band move likely in the near term.

H1 – Triangle break, which suggests more losses are likely.

Entry:
H1 – We can enter a sell trade for the GBPJPY pair if it corrects higher from the current levels and trades near the broken triangle resistance area.
Target 1: 191.00
Target 2: 190.20
Stop Loss: Above 193.50.

Video Explanation:

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.