Forex Trade Signal – Trade Setup July 27th
GBPJPY – Kumo Break
The GJ has just completed something it has not done in a few months – perform a kumo break on the daily charts, particularly to the upside.
What is most interesting about this Kumo break is it happened over a flat top which is also the 50% retracement for the last major downmove from 145 – 125 right at 136.33. The pair had tried for two months to break this level rejecting off of it several times but failing all the while. It has now broken this convincingly and should it start to treat this level as support (role-reversal) and the Kumo break has its way, the pair should see higher ground minimally touching the 61.8% fib at 138.58 or 220+ pips higher. This could be a significant kumo break for this pair and be the beginning of a strong upmove.
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