Nice Bullish Wave In GBPJPY – Level Worth Trading Today! - Forex News by FX Leaders

Nice Bullish Wave In GBPJPY – Level Worth Trading Today!

Posted Tuesday, September 12, 2017 by
Arslan Butt • 1 min read

The Guppy is doing well for us. It gave us 98 pips on Friday and +90 pips on Monday on the forex trading signal mentioned in GBPJPY Hits 98 Pips Take Profit – Check Out New Entry. Are you up for another trade?

GBPJPY – Support Become Resistance

At the moment, the GBPJPY is heading north due to weakness in the safe haven currency Japanese yen. The haven currency was under the spotlight due to increased tensions between North Korea and the United States, but the situation has lighten since it's not making headline news at the moment.

GBPJPY - Triple Top Breakout GBPJPY – Triple Top Breakout

As of now, the Guppy has made some serious gains after breaking above the triple top level of $143.160 and has already achieved our target at $144.95. Now, the pair is testing the support come resistance level of $144.250. The 4- hour chart is showing a massive bullish power, but the momentum indicator Stochastic has entered the overbought regions now.

The odds are higher for a sell-off below $144.250, but I'm waiting for a confirmation candle. If the market breaks above $144.250, it's likely to lead the pair towards $144.950, and that's highly potential selling level.

GBP/JPY – Trading Plan

It's better to open a very small volume at $144.550 to make sure we don't miss the bus, and the remaining position at $144.850 with a stop above $145.150 with a take profit at $144 and $143.750. 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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