A Quick Trade Setup on GBPJPY!
It's been quite a nice experience trading cross-currency pairs, especially, the one with Japanese Yen. This week, the volatility has remain
Arslan Butt•Wednesday, October 11, 2017•1 min read
It's been quite a nice experience trading cross-currency pairs, especially, the one with Japanese Yen. This week, the volatility has remained quite low for a simple reason. Yup, I'm talking about North Korea and the United States cold war.
Key Technical Points:
- The GBPJPY has broken below the ascending triangle pattern and since then, the pair is trading bearish.
- On the 4- hour timeframe, the pair has entered the oversold region. Look at the Stochastics and RSI, both of them are holding above 80.
GBPJPY – 4- Hour Chart – Sideways Range
GBPJPY – 4- Hour Chart – Sideways Range
- The 50- periods EMA is resisting the pair at $148.75. GBPJPY needs to show us a crossover before turning to the bullish trend.
- Lastly, the pair is stuck into the narrow range of $147 – $148.45. We can't say much which side the pair is going to breakout. All we can do is to wait for the breakout before placing any trade. Else, the trade will be a risk.
GBPJPY – Trading Idea
Today, $148.250 is an important level for GBPJPY. It will be nice to stay in sell below this level with a target of $147.65. Good luck!
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ABOUT THE AUTHOR
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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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