GBPJPY LONG TERM ANALYSIS EXPLANATION

Hi Guys,

I would like to welcome you to the above GBPJPY pair, a long term analysis. Indicating the very likely expected move for the coming weeks and probably months.

The overall GBPJPY weekly analysis above is Descending Chanel with upper trend line and lower being respected.
The price had been having a clear upward move of its weekly candles however it has come close to the 144.000 region with two resistance confluence. The historical resistance which is indicated by a red horizontal line and the other one is that of an upper trend line forming a descending shape of the weekly analysis.

The entry should be at the exact touch of the upper trend line, or in case the price fails to reach there, we will have to enter our short position in the view of other technical indicators like the candlestick pattern and the related. Fair risk reward ratio has been indicated as the stop loss is just few pips compared to the take profit number of pips.

Trade Setup: The touch of two confluence. Horizontal Resistance and the Upper trend line
Entry for this pair should be at 144.000
Stop loss, 150 pips above the entry
Take profit 1 = 142.000
Take profit 2= 132.000
Take profit 3= 127.000

Subscribe to get more ideas on the go: https://t.me/pipvision
My live account: http://bit.ly/pipvision

Enjoy!