GBPJPY Stopped Out – Las Vegas Turbulence Played

Hard luck fellas. A day before, we shared a forex trading signal on GBPJPY that kept floating in profit for a while until the Las Vegas tra


Hard luck fellas. A day before, we shared a forex trading signal on GBPJPY that kept floating in profit for a while until the Las Vegas tragedy happened which boosted safe haven's appeal in the market. Consequently, our signal ended up at stop loss. No worries, it's part of the business. Are you ready for another trade on GBPJPY?

 

GBPJPY – Triangle Breakout

Recalling our earlier update, Are You Ready for a Quick Buy In GBPJPY, the triangle pattern which was extending a horizontal support at $150 is not in action anymore. Investors reacted to news about Las Vegas and moved to safe haven assets such as Japanese yen, Swiss Franc and Gold.

GBPJPY - 2 - Hour Chart - Triangle BreakoutGBPJPY – 2 – Hour Chart – Triangle Breakout

Now, this pair is likely to face resistance at $150.400. It's a bullish trend line resistance level which was earlier providing support to the pair.

 

GBPJPY – Trading Plan

I'm planning to take a sell position below $150.500 with a stop loss above $150.950 and a take profit at $149.500. Good luck fellas, keep following FX Leaders Risk Management Strategies to enhance profit potential.

 
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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