Categories: Forex Education

Interesting Sell Opportunity Building for GBPJPY

The British Pound continued to rocket higher against the Japanese Yen, but it looks like the GBPJPY is forming a major top. There is a monster divergence formed on the monthly chart, and the pair is also on the verge of completing five waves from the lows. On the weekly chart, the last wave might duplicate and then form a top around the 197.00 area, which is where we might consider selling with divergences on the lower timeframe.
Alternatively, if the pair moves lower from the current levels, forms a lower lows, and corrects higher, then we can enter a sell trade.

Technical Analysis

Monthly – Monster divergence on the monthly chart, which 5 waves up.

Weekly – Wave duplication resistance around 197.00.

Entry:
H4 – We can enter a sell trade for the GBPJPY pair if it moves lower from the current levels, forms a lower lows, and corrects higher.
Target 1: 191.00
Target 2: 189.00
Stop Loss: Above the high created before entering into the trade.

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.