GBPJPY – Descending Triangle Breakout – Buy Limit! - Forex News by FX Leaders

GBPJPY – Descending Triangle Breakout – Buy Limit!

Posted Friday, October 6, 2017 by
Arslan Butt • 1 min read

Recalling our previous update GBPJPY Trade In 140+ Pips Profit – What’s Next. The Guppy is doing phenomenally well. It not only hit our first target at $148.250 but also heading towards the second target of $147.550. Here is a plan for today…

 

GBPJPY – Oversold Market & Support Zone

The technical side of the pair is showing the double top pattern which was providing resistance to Guppy at $147.550 in the past. The same resistance is now working as support area at $147.550.

GBPJPY - 4- Hour Chart - Bearish Breakout GBPJPY – 4- Hour Chart – Bearish Breakout 

 

Remember we discussed the 38.2% Fibonacci retracement level at $147.550? The pair is very close to this level and at the same time, it's oversold enough to give us a pullback. Do check FX Leaders Fibonacci Trading strategy to understand the Fibonacci trading levels.

Support     Resistance

147.68    149.04

147.26    149.46

146.58    150.14

Key Trading Level:    148.36

 

GBPJPY – Trading Plan

Traders, I'm sticking with the same plan to stay in buy above $147.550 with a stop below $147.250 and take profit at $148.350. Good luck and be ready for the action during the U.S. session on the release of Non-farm payroll.

 
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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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