GBPJPY Completes 38.2% Fibonacci Retracement – What’s Next?
Arslan Butt • 1 min read
It's just another boring Monday as the market is trading the ranges. Our previous trading signal on GBPJPY was doing phenomenally well and was near to take profit. But unfortunately, the increased demand for haven assets spoiled our trade. No worries, I got another trade setup to trade GBPJPY.
GBPJPY – Oversold Market
Back in May and July, the GBPJPY was facing resistance at $147.550 and made a double top pattern. But in September, the pair broke above this level. Now, the Guppy has dropped to the same resistance level and is now working as support area somewhere around $147's.
GBPJPY – Daily Chart – 38.2% Retracement
As we mentioned earlier, the pair also completes the 38.2% Fibonacci retracement level at $147.550, but the bearish momentum took some time to stop. Did you check FX Leaders Fibonacci Trading strategy? If not, I would highly suggest for understanding the Fibonacci trading levels.
Key Trading Level: 147.38
GBPJPY – Trading Plan
Though the market is lacking volatility, it will be nice to stay bullish above $147.400 with a target $148.500 and stop below $147. Good luck!