<h2>ICARUS EXCLUSIVE: GBP/JPY sets up Long Trade. 7th July 2020</h2>
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<p>British Pound has shown relative strength against several of its peers, including the all important EUR/GBP (for which the Icarus Signals Reversals EA generated a short trade on the 30th June) and the GBP/JPY pair demonstrated a range of confluent factors encouraging a long trade.
Looking at the Daily timeframe we note the upward trending Icarus Oscillator is accelerating, with price moving higher towards the magnetic level of 135.70, as supported by the Icarus Auto-Levels indicator. Strong rejection of the lower Icarus level of 132.00, during the roll-over of the Icarus Oscillator during the period between 27th June and early July further supports the long trade thesis. These important indicators/areas have been highlighted with the blue-box for additional reference.
Note that the trade entry was listed on the @IcarusSignals twitter account prior to entry. (We’re a little late in posting here! Be sure to keep an eye out for the IcarusSignals trade ideas, articles and other info on twitter.
Although the Weekly levels are a little superfluous to our shorter-term timeframe, they provide useful context for any significant levels of support and resistance that we should mark ahead of trade entry. The support and resistance zones on the Weekly chart are shown via the IcarusAutoSupportResistance Lines, highlighted as the light green solid lines, and are currently located at the following values:
- 149.25
- 139.70
- 129.10
- 123.70
Remaining on the Weekly Chart, we note that the Icarus Oscillator has shown a continuation in direction, with the zero-control line suggesting an acceleration in past weeks.
The 1HR chart provides a clear entry signal, with price moving higher through the Icarus Support Resistance Levels, marked at 134.25, on increased volume compared with previous.
Further, the 1HR chart shows the Icarus Oscillator supporting a move higher, with transition from short bias to long bias again outlined by the appearance of the change in status to green/higher. Entry is marked in the highlighted box, with the supporting Icarus Oscillator location also shown in the bottom window.
Entered Long GBP/JPY at: 134.33
- Stop Loss (S/L) will be placed below the Hourly resistance levels of both 133.80 and and below the previous days’ lows.
- Take Profit (T/P) evaluation level will be set at 135.70, set as a magnetic Icarus Level while being in close proximity to the Weekly EMA
Risk = 55 pips
T/P = 140 pips
R/R Ratio = 2.7
Note: moved S/L to 134.35 on 9th July, 2020
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