GBP/JPY Hits Take Profit – Ready For Next Trade?
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 Channel
The Stochastic and RSI is no longer trading in the overbought region. There's an immediate support at $148.150 and $147.750.
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!