GBPJPY Hits Top – Can It Target $148.250 Now? - Forex News by FX Leaders

GBPJPY Hits Top – Can It Target $148.250 Now?

Posted Wednesday, October 4, 2017 by
Arslan Butt • 1 min read

Thanks to haven appeal, the Guppy traded as suggested in GBPJPY Stopped Out – Las Vegas Turbulence Played. The bearish power seems unstoppable now. Let's take a look how we can trade it today.

 

GBPJPY – Bearish Momentum Gaining Strength

Fellas, the financial markets are trading the "Risk-off" sentiment after the Las Vegas tragedy. Investors are increasing the demand for haven assets such as Japanese Yen, Gold, and Swiss Franc. That's why the GBPJPY currency pair is consistently heading lower.

GBPJPY - 2 - Hour Chart - Bearish Breakout

GBPJPY – 2 – Hour Chart – Bearish Breakout 

Technical analysis is also playing its role. Remember the triangle pattern which was extending a horizontal support at $150?  It was violated over the fundamentals and now the pair has an open room until $149 and $148.250.

 

GBPJPY – Major Trading Levels

Support      Resistance

149.30         150.58

148.89         150.98

148.25         151.62

Key Trading Level:    149.25

GBPJPY – Trading Plan

The GBPJPY is most likely to retrace back upward until $149.650 and that's where we can enter a sell position with a stop loss above $149.950 and a take profit of $148.750 and $148.350. Good luck!

 
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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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