GBP/JPY Hits Take Profit - Ready For Next Trade? - Forex News by FX Leaders

GBP/JPY Hits Take Profit – Ready For Next Trade?

Posted Wednesday, November 22, 2017 by
Arslan Butt • 1 min read

Yesterday, our call on GBP/JPY managed to close at take profit. The market is keeping the bearish momentum despite the intervention of fundamentals. Here is what I'm looking to profit from today.

 

GBP/JPY – Bearish Crossover

Yesterday we discussed the downward channel on the 4 – hour chart. The same channel helped us and caused the reversal in the pair below 149.450.

Looking at the same chart, it is obvious that the bearish bias is getting stronger. One of the reasons is a bearish breakout on the 50 – periods EMA.

GBPJPY - 4 - Hour Chart - Bearish ChannelGBPJPY – 4 – Hour Chart – Bearish Channel

 

The Stochastic and RSI is no longer trading in the overbought region. There's an immediate support at $148.150 and $147.750.

 

Support     Resistance

148.51       149.26

148.18       149.68

147.76       150.01

Key Trading Level:    148.93

 

GBPJPY – Trading Plan

I'm looking to stay in sell below 148.750 with a stop above 149.10 and take profit at 148.150. Buying is recommended above below 147.750. Good luck and keep following for more updates!

 
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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.
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