Choppy Trading In GBPJPY – Level to Buy & Sell! - Forex News by FX Leaders

Choppy Trading In GBPJPY – Level to Buy & Sell!

Posted Monday, September 25, 2017 by
Arslan Butt • 1 min read

During the Asian session, we opened two forex trading signals. One on Gold and one on the DAX. We already closed the Gold in take profit. Now we are looking to enter the GBPJPY.

Technical Overview – GBPJPY

The GBPJPY is consolidating in the narrow trading range of $150.250  – $152.750. At the moment, it's still having a solid resistance at $151.450. Below this resistance, the cross is forming neutral candles such as Doji and Spinning top, signifying that the bulls are no longer confident about buying the pair.

GBPJPY - 3 Hour Chart - Sideways TrendGBPJPY – 3 Hour Chart – Sideways Trend

The Stochastic is taking a U-turn below $151.450, unfortunately, we missed this nice opportunity. But it will be nice to wait a bit to take another entry.

Support       Resistance

$150.66          $152.29

$150.15          $152.80

$149.34          $153.62

Key Trading Level: $151.48

GBPJPY – Trading Plan

It will be nice to take a bullish entry at $150.65 with a stop below 150.250 and take profit at $151.850 and $152.250. 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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