GBPJPY Hits Top – Can It Target $148.250 Now?
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
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
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!