Description: A Cup and Handle Formation on the H1 chart. 148.600 is the neckline. Breakout will trigger the bearish move.
Pair / Instrument:GBPJPY
Time Frame: H1
The trend in the Timeframe: BULLISH
The trend in the Daily Chart: BULLISH
Trade Based On: Cup and Handle Formation
Recommended Lot Size: 0.03 @ 10 K Account with 1:100 Leverage
AREA OF THE ENTRY: 148.600
TARGET 1: 149.200 / As Updated
TARGET 2: 150.100
Update: TP1 Reached 60 Pips. As we have published on the channel we close 50% of our positions. We will see a retracement at D 149.200 based on bearish Gartley Garmonic Pattern. Price is likely to pullback to 148.600. We plan to add LONG at the breakout of 149.200.
See the latest update: GBPJPY Take Profit and Retracement
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
GBPJPY : Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.