Sell GBPJPY Breakout

Apr 19, 2024

The GBP/JPY pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a well-defined pattern.

Key Points:

Sell Entry: Consider entering a short position (selling) below the broken support level, ideally around 192.80. This offers an entry point close to the perceived shift in momentum.

Target Levels: Initial bearish targets lie at key levels below the breakout point:
190.96: This represents a potential support level based on previous price action.
190.26: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.

Stop-Loss: To manage risk, place a stop-loss order above the broken support level, ideally around 193.00. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.

Thank you.

Apr 19, 2024

Trade active

Apr 19, 2024

Note

Apr 19, 2024

Trade closed: target reached