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

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!

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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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