GBP/JPY Hit Second Profit On UK’s Labor Market Report - Forex News by FX Leaders

GBP/JPY Hit Second Profit On UK’s Labor Market Report

Posted Wednesday, February 21, 2018 by
Arslan Butt • 1 min read

The investors are skeptical to enter the market before the release of US FOMC meeting minutes thus the market is facing thin trading volume. However, FX Leaders still managed to grab its fair share in GBP/JPY before the release of UK labour market reports. Perhaps that’s the only currency pair which seems to be influenced by technicalities. 

GBP/JPY – Double Top In Play

During the European release, we shared a forex trading signal in order to sell below 150.750. Thanks to the technical indicators, we profited. As of now, the pair is forming an ascending triangle pattern on the 4-hour chart thus providing resistance at 150.850 and support at 149.500.

GBP/JPY - Hourly Chart

GBP/JPY – Hourly Chart

In addition to the ascending triangle pattern, another level that we must to monitor during the US session today is the Japanese cross that formed a double top pattern at 150.820. The 20 (Red) & 50 (Blue) EMA is signaling a bearish bias of traders.

GBP/JPY – Trading Plan

The idea is to wait for the market to drop to 149.550. I’m hoping to take a buy position above this, with a stop below 149.250 to profit at 150.450. Confirming the break of 150.850, I plan to take a bullish position here with a target of 152.

Good luck!

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