Our Trading Signal On GBPJPY – Is It Still Worth Taking?
Arslan Butt • 1 min read
Today, the market is trading sideways due to thin trading volume. Perhaps, it's due to Black Friday this week and lack of strong fundamentals today. Yet, the technical outlook of the Guppy seems to offer a sell entry.
GBPJPY – Downward Channel
It's been a few days, and the Guppy has stuck in a wide trading range due to lack of interesting fundamentals. Yet, technicals are offering us the compelling trade setup.
GBPJPY – 4-Hour Chart – Bearish Channel
We can see a downward channel on the 4-hour chart which is providing a solid resistance at 149.45/65. The pair has made its way towards the upper boundary of the channel and that's what is compelling me to enter a sell position.
In addition to the downward channel, the leading indicator RSI (98) is also complementing the selling trade. The potential support remains at 148.250.
Key Trading Level: 148.62
GBPJPY – Trading Plan
Considering the above indications, we opened a sell signal below 149.4 with a stop below 149.52 and a take profit of 148.82. Good luck and keep following for more updates!