Another trade ideas for currency pair with JPY in it. This time is GBPJPY. Previously i posted about selling this pair on the rejection of EMA-50 at 1hr timeframe. Unfortunately, I got my stop loss hit and booked -40 pips loss.
After analyzing it once again, i found that price actualy making a broadening wedge pattern on 2hr timeframe and it already broken above it. This is currently a retest of broken resistance and it is offering a nice RR ratio in my opinion right now.
Buy GBPJPY 139.10 Stop loss 138.50 Take profit 1 @139.80 Take profit 2 @140.50
RR ratio is 1 : 2.3 Use proper risk management Risk only 1-2% of equity
Good Luck
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after yesterday candle close, it is very possible price will reverse to the downside so we will cut this position