GBPJPY: Trade Opportunities at Support Zone
The price is at the support zone formed by SMA200 and 137.000 support level. The price action in this zone will be able to give us interesting trade opportunities.
If you look at indicators, we should be ready to see a reversal and an upward movement. RSI confirmed the price reversal. MACD histogram confirmed the price reversal as well as the possible upward movement.
If the price moves upward, it will be possible to search for exact entry points using the daily and lower charts.
At the same time, we are not far from news release. The markets can be pushed below the support zone. We will be able to use a breakout signal to open sell trades.
For all trades, we must use stop orders and the right size of the capital in order to match the rules of money management.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If you look at indicators, we should be ready to see a reversal and an upward movement. RSI confirmed the price reversal. MACD histogram confirmed the price reversal as well as the possible upward movement.
If the price moves upward, it will be possible to search for exact entry points using the daily and lower charts.
At the same time, we are not far from news release. The markets can be pushed below the support zone. We will be able to use a breakout signal to open sell trades.
For all trades, we must use stop orders and the right size of the capital in order to match the rules of money management.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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