A Buy Limit On GBP/JPY – Get Ready to Catch Retracement - Forex News by FX Leaders

A Buy Limit On GBP/JPY – Get Ready to Catch Retracement

Posted Monday, September 4, 2017 by
Arslan Butt • 1 min read

Considering the uncertainty caused by North Korea, the demand for Japanese currency pairs as safe haven assets is quite understandable. Don't worry if you missed the sell trade earlier in the Asian session, we have another entry for you today.

 

Key Technical Drivers

On the hourly timeframe, Stochastic is holding at 13, demonstrating that GBP/JPY is far enough in the oversold region to show us a pullback.

GBPJPY - Hourly Chart - Double BottomGBP/JPY – Hourly Chart – Double Bottom

The pair forms a double bottom at $141.550, providing a solid support to Guppy (GBP/JPY). The recent hour close above $141.550 is supporting the reversal and retracement in the pair.

 

GBP/JPY Trade Plan

I have my buy limit at $141.450 with a stop loss at $140.950 and a take profit at $142.65. Any news about North Korea may cause further selling and may impact our position, so stay tuned for latest updates. Good luck

 
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