GBP/JPY Bullish Entry – Ascending Triangle Breakout

Despite the thin trading volume, the Asian session went really well for us. Our trading signals on Gold and the EUR/JPY closed at taking...


Despite the thin trading volume, the Asian session went really well for us. Our trading signals on Gold and the EUR/JPY closed at taking profit, while the GBP/JPY is still floating in profits. Here’s an update on the GBP/JPY trading signal.

GBP/JPY – Ascending Triangle Breakout

On the 2 hour chart, the GBP/JPY formed an ascending triangle pattern which typically breaks upward. The triangle was extending support at 147.750 along with a resistance at 148.250. The plan was to wait for the pair to come out of the range.

GBP/JPY - 2 Hour Chart

GBP/JPY – 2 Hour Chart

During the early European session, the GBP/JPY finally broke upward to allow us to buy in. For now, the pair is likely to face support above 148.250. The fresh resistance prevails at 149.050 zones. Check FX Leaders Triangles and Wedges – Forex Trading Strategy to understand the patterns.

GBP/JPY –  Key Trading Levels

Support     Resistance

145.86        148.54

145.04        149.36

143.7          150.7

Key Trading Level:    147.2

GBP/JPY –  Trading Plan

Our forex trading plan is to buy above 148.250 with a stop below 148.050 and to take profit at 148.73. Traders are advised to move their stops to breakeven.

Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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