GBPJPY - Weekly forecast, Technical Analysis & Trading Ideas

Midterm forecast: (Daily Time-frame)

While the price is below the resistance 199.790, resumption of downtrend is expected.

Technical analysis:

• The descending flag taking shape suggests we will soon see another leg lower.
  
• A peak is formed in daily chart at 198.945 on 12/30/2024, so more losses to support(s) 191.884, 189.477, 186.231 and minimum to Major Support (182.782) is expected.
  

Take Profits:

1. 196.006
   
2. 193.510
   
3. 191.884
   
4. 189.477
   
5. 186.231
   
6. 182.782
   
7. 178.409
   

Total Profit: 2742 pip
Closed trade(s): 384 pip Profit
Open trade(s): 2358 pip Profit

Trade Setup:
We opened 8 SELL trades @ 196.68 based on 'Peak' entry method at 2024-12-30, signaled by DTO

Closed Profit:
TP1 @ 196.006 touched at 2024-12-31 with 67 pip Profit.
TP2 @ 193.510 touched at 2025-01-09 with 317 pip Profit.
67 + 317 = 384 pip

Open Profit:
Profit for one SELL trade is 196.68(open price) - 192.746(current price) = 393 pip
6 trade(s) still open, therefore total profit for open trade(s) is 393 x 6 = 2358 pip

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