Trade of the week. GBPJPY full breakout reversal or a continuation
GBPJPY could be our trade of the week. GBPJPY is trading within a long-term downtrend channel as it can be seen on a Weekly chart. We are now focusing on the confluence of an upside reversal resistance 141 level. If we get a break above this level we could see a test of a falling channel 144 level. Rejection from here would lead to a pullback into 131 level.
On a daily chart, we can see a test of 141 level incoming in awake of final Brexit deal resolution term. You can place a trade after the weekend, long in case of a break above 144 level or a short trade entry with a tight stop loss as long as the pair is below 144. 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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