GBPJPY Stopped Out - Las Vegas Turbulence Played - Forex News by FX Leaders

GBPJPY Stopped Out – Las Vegas Turbulence Played

Posted Tuesday, October 3, 2017 by
Arslan Butt • 1 min read

Hard luck fellas. A day before, we shared a forex trading signal on GBPJPY that kept floating in profit for a while until the Las Vegas tragedy happened which boosted safe haven's appeal in the market. Consequently, our signal ended up at stop loss. No worries, it's part of the business. Are you ready for another trade on GBPJPY?

 

GBPJPY – Triangle Breakout

Recalling our earlier update, Are You Ready for a Quick Buy In GBPJPY, the triangle pattern which was extending a horizontal support at $150 is not in action anymore. Investors reacted to news about Las Vegas and moved to safe haven assets such as Japanese yen, Swiss Franc and Gold.

GBPJPY - 2 - Hour Chart - Triangle BreakoutGBPJPY – 2 – Hour Chart – Triangle Breakout

Now, this pair is likely to face resistance at $150.400. It's a bullish trend line resistance level which was earlier providing support to the pair.

 

GBPJPY – Trading Plan

I'm planning to take a sell position below $150.500 with a stop loss above $150.950 and a take profit at $149.500. Good luck fellas, keep following FX Leaders Risk Management Strategies to enhance profit potential.

 
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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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