GBPJPY Hits 98 Pips Take Profit – Check Out New Entry! - Forex News by FX Leaders

GBPJPY Hits 98 Pips Take Profit – Check Out New Entry!

Posted Monday, September 11, 2017 by
Arslan Butt • 1 min read

Recalling my previous update; Top Five Trade Setups Worth Taking Today, the suggested forex trading signals on almost all the instruments did an exceptional job. Today, GBPJPY is signaling another entry, are you up for it?

GBPJPY- Triple Top Resistance

The Guppy has made some serious gains in the Asian sessions and opened with a huge gap of nearly 20 pips for the same reasons explained in my previous update Bullish Triangle In Play – A Buying Entry In Gold.

GBPJPY - 4 Hour Chart - Triple Top Pattern GBPJPY – 4 Hour Chart – Triple Top Pattern

At the moment, the pair is retesting the triple top resistance level of $143 on the 4- hour chart. The 4-hour candle closed below $143 is weakening the bullish sentiment, but the sharp bullish waves in the equities side are hiking the odds of the bullish breakout.

The Stochastic & RSI are holding at 93. It means the prices are already at the peak, and bulls may take profit on their previous positions. For now, $143.15 is an immediate resistance, and the break above this level will lead GBPJPY towards $144.150 (potential buying level).

GBPJPY – Trading Plan

The idea is to stay in buying above $143.10 with a stop below $142.850 and target of $143.650 & $144. Good luck.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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