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Are You Ready for a Quick Buy In GBPJPY?

Fellas, our forex trading signal on Gold suggested on Oct. 2 – Bearish Gold – Reversal or Retracement is doing a good job. The Crude Oil trading plan is also doing really well. Now, let's us capture few pips on GBPJPY.

 

GBPJPY – Triangle Pattern

During the previous week, we discussed the sideways range of $150 – $151.100 and a descending triangle pattern which is formed on the 4- hour timeframe. The triangle pattern has a horizontal support at $150. However, with the recent news about Las Vegas turbulence, the investors are switching towards haven products.

GBPJPY - Descending Triangle Pattern In PlayGBPJPY – Descending Triangle Pattern In Play

Technically, the leading indicators RSI and Stochastic are entering the oversold zone. These descending triangle patterns are supposed to break downward, but the momentum indicators are already oversold enough to give us a put back rather than a breakout. Anyways, on the breakage below $150, the market can tick down towards $148.50.

 

GBPJPY – Trading Plan

I have opened a buy signal above $150 with a stop below 149.650 and a take profit of $150.450 and $150.650. Good luck and keep following for more updates!

 
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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