Are You Ready for a Quick Buy In GBPJPY? - Forex News by FX Leaders

Are You Ready for a Quick Buy In GBPJPY?

Posted Monday, October 2, 2017 by
Arslan Butt • 1 min read

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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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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