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GBPJPY Trading Signals
The trade setup on GBPJPY is showing a bullish breakout through resistance after a period of consolidation. This consolidation phase indicates a period of price movement primarily sideways before a new direction is chosen for the longer term. With the bullish breakout, it suggests that we could see the next price move to 196.1765.
Trading Strategy and Technical Indicators
- The trading strategy for this setup involves identifying consolidation periods and looking for breakouts through key resistance levels.
- Technical indicators such as moving averages, RSI, and MACD can be used to confirm the strength of the breakout and potential price direction.
- Traders may also consider using support and resistance levels to determine entry and exit points for the trade.
Correlation with Assets
GBPJPY may have correlations with other GBP and JPY pairs, as well as with commodities such as gold and oil. Traders should consider these correlations when analyzing the trade setup.
Economic Calendar Events
Traders should be aware of upcoming economic calendar events that could affect the GBPJPY pair, such as interest rate decisions, GDP releases, and employment reports. These events can cause volatility in the market and impact the trade setup.
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