GBPJPY is approaching dangerous breakout level
GBPJPYÂ is testing the long-term uptrend line and a key 133.500 breakout level. If we get a daily close below this level there is almost 800-1000 pips space to be exploited for profits. A bounce could give us long trade opportunity for a 200-300 pips target.
On a daily chart, we can see a test of the important 133.500. This is providing an excellent trading opportunity with a good risk to reward short entry. You can place a short trade in the case of a daily close below 133.500 level with a stop loss above the 134 level targeting 132 level and even trailing the profit further downside into 129.900. ARMAT trading system is indicating a potential 400 pips of profit.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
Happy trading! (click on the chart to enlarge it)
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