GBPJPY Completes 38.2% Fibonacci Retracement - What's Next? - Forex News by FX Leaders

GBPJPY Completes 38.2% Fibonacci Retracement – What’s Next?

Posted Monday, October 9, 2017 by
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 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.

Support     Resistance

146.75       147.73

146.39       148.37

145.75       148.72

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!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of