GBPJPY Bullish Breakout – Buy on Dip! - Forex News by FX Leaders

GBPJPY Bullish Breakout – Buy on Dip!

Posted Thursday, September 21, 2017 by
Arslan Butt • 1 min read

Yesterday, we shared a forex trading signal on EURJPY and managed to secure +30 pips on it. So far, these crosses are doing pretty well for us. I'm looking at the GBPJPY, the previous trade setup is no more effective and here is a new one.

Technical Overview – GBPJPY

Recalling the previous update, the Guppy was having a solid resistance at $151.450, in fact, it was trading sideways in a narrow trading range of $150 – $151.450. This morning, the cross pair broke out of the range.

GBPJPY -Bullish Breakout GBPJPY – Bullish Breakout

As of now, it's holding at $151.950 and has a resistance at $152.250. Overall, the pair is dramatically overbought.

Support       Resistance

150.50          152.20

149.63          153.03

148.80          153.90

Key Trading Level:  151.33

GBPJPY – Trading Plan

Today, the idea is to stay in buying below $151.450 with a stop loss below $150.150 and a take profit at $152.250 and $152.550. Good luck and keep following for more updates!

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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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