Home Forex Market Analysis Forex Signals GBP/JPY: Bearish Breakout

GBP/JPY: Bearish Breakout

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GBP/JPY made a bullish move to start its trading day today. The 15M chart shows that the price upon finding its resistance around 136.610 made a strong bearish move and made a bearish breakout at an up-trending trendline.

The chart produces two bullish corrective candles and finds its resistance around 136.270. It produces a bearish engulfing candle closing at the level where the price had a bounce after the breakout.

We triggered a short entry right after the candle closes. The 15 M chart shows that the price may find its next support around 135.797. The price may continue its bearish move if the level of 135.797 is breached.

Entry- 136.047

Stop Loss- 136.297

Take Profit- 135.797

The risk for the trade is 207 USD per standard lot, 20.7 USD for a mini lot, and 2.07 USD for a micro lot. The risk-reward is 1:1, so the reward is 207 USD per standard lot, 20.7 USD for a mini lot, and 2.07 USD for a micro lot.

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