Triple Bottom Pattern In GBPJPY – Get Ready To Jump In! - Forex News by FX Leaders

Triple Bottom Pattern In GBPJPY – Get Ready To Jump In!

Posted Tuesday, September 26, 2017 by
Arslan Butt • 1 min read

Ongoing geopolitical tensions between North Korea and the United States aroused again, increasing the tensions among investors. The Japanese crosses finally got a reason to retrace back.

Technical Overview – GBPJPY

On the 3-hour timeframe, we can see the candlestick pattern "three black crows,” which signifies the bearish bias of traders. However, $150.150 is supporting the pair.

Oh, the pair just had a 50- periods moving average bearish crossover, which signals a selling trend of the investors. Not only this, but the candles closing below moving averages are confirming the bearish sentiment.

GBPJPY - 3 Hour Chart - Triple BottomGBPJPY – 3 Hour Chart – Triple Bottom

But wait, the leading indicators are in divergence with moving averages. The pair is massively oversold and discouraging me to take a sell position here. Check out my previous update about intra-day support and resistance of GBPJPY.

GBPJPY – Trading Plan

The pair is bit confusing now as it's not sparing a sure shot trade idea. Anyhow, I'm focusing on the $150.150. Above this, the pair is likely to target up to $151 and below this, the Guppy has a long way to target $148.85. 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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