A Quick Trade Setup on GBPJPY! - Forex News by FX Leaders

A Quick Trade Setup on GBPJPY!

Posted Wednesday, October 11, 2017 by
Arslan Butt • 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!

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

Leave a Reply

Notify of