GBPJPY Hits Top – Can It Target $148.250 Now?

Thanks to haven appeal, the Guppy traded as suggested in GBPJPY Stopped Out - Las Vegas Turbulence Played. The bearish power seems unstoppa


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!

 
ABOUT THE AUTHOR See More
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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