GBP/JPY (British Pound – Japanese Yen gbp jpy) is the forex ticker telling to traders. How much Japanese Yen currency is needed for traders to buy against the British Pound? The Pound is the fourth most traded currency in the whole world, while the Japanese Yen is on number third, according to the Bank for International Settlements. If you are looking for technical analysis about technical analysis of GBP Jpy then you are in the right place.
In the market, we can’t predict the market exactly but we can estimate the market according to technical parameters. If you follow them maybe you will earn more money in the market. I see its chart in various time frames to analyze properly and I have Information on it that may be helpful for you and I’m going to share it with you.
GBP JPY analysis in 4H time frame
In my view, it is totally in a bearish mood. GBPJPY can fall from this level and it can give huge downside movement. But Right now if we look at the chart it looks a bit bearish and it can go to 182.200 in the short period. But in the long view, it looks to the downside. If it breaks the level of 182.200 then it can go on its next resistance level.
If we look at the chart then it’s performing a zone that indicates it has very strong resistance and the market has faced it two times. So traders must keep an eye on it when gbp jpy reaches its resistance and give any bearish signal with the help of a candlesticks chart pattern.
I have done a study on it and I discovered one more thing it’s in moving in rage on higher time frame. So traders must be careful on this level from 182 to 178. These levels are too risky for short-term traders. But if you are long side trader then you can take that risk and the market will give you a huge reward. A higher time frame has more reliability and accuracy in the market.
The market is also respecting dynamic resistance (trend line). The market has touched that trend line three times. Two time with a smaller time-wise gap but in third touch market has much time spent on touch. It means the market can touch a trend line a fourth time again. I’m not pretty sure the market will touch next time the trend line.
How to Place Trade on it
According to the GBP JPY forecast I found many levels. But traders must keep one thing in mind. The market has no emotion but the market has money if traders know how to take it from the market. Now I’m going to tell you where you can buy or sell this asset for the long or short term.
First, you should wait for 184 after this level you enter in sell side position with 184.500 stop loss and you wait for 180.500 as your target. You can book your profit according to your risk reward. Many traders follow one each of two risk reward ratio. Many trader follow trailing stop loss until their trader has not hunted.
If you look it the buying side then you must enter 179 with a 177.300 stop loss level. Buy in my view it’s a bit risky to buying side. Because the market is a bit risky on the buying side market has a falling mood but if you do trade with your risk management then you can earn profit from any side.
Why the market is risky on the buying side answer is simple. If you analyze it in a higher time frame then you realize gbp jpy has made a long bearish candle it has broken last month’s low price and it is too close to the last second month’s low. So traders must keep an eye on those levels.
Note – These Levels are predicted by me and I have shared my personal opinion in this blog post. If you are going to take trade according to those levels then I suggest you please contact your personal finance adviser. Me and my website are not responsible for your profit and loss.
