Ready to Start Trading?

Open a Live or Demo account online in just a few minutes and start trading on Forex and other markets.

Apply online

Any Questions?
Contact us:

phone: +1 849 9370815

email: sales@tradersway.com

Join Us in Just 1 Minute!

MT4
MT5 Terminal

GBP/JPY Double Bottom (February 6, 2014)

A classic reversal chart pattern has formed on GBP/JPY’s 1-hour time frame, indicating that the recent selloff is almost over. However, the pair has yet to make a break above the neckline of the formation before a rally is confirmed.

Take note that stochastic is already in the overbought zone and looks ready to cross down, which means that a bit of consolidation or pullback might be in the cards before an actual upside break.

140206_gbpjpy

 

Going long above the 166.00 major psychological resistance with a stop around 165.00 or lower and a target of 200 pips could make close to a 2:1 return on risk. Bear in mind that the chart pattern is roughly 200 pips in height, which suggests that the potential breakout could be of the same size.

By Kate Curtis from Trader's Way

Any Questions?
Email Us: sales@tradersway.com

bob@tradersway.pro/id
Quotations
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

Learn more

Gabung dengan Kami Hanya 1 Menit!

MT4MT5 TerminalMetaTrader for Mac
TradersWay's Facebook TradersWay's Telegram Channel TradersWay's Twitter TradersWay's Instagram
bob@tradersway.pro/id