GBP/JPY Signal Floats In Profit – Descending Triangle In Play
The Sterling slipped against the Japanese Yen during the Asian session as the “risk off’ sentiment continues to dominate the market. We shared a forex trading signal to buy the GBP/JPY for two reasons.
Oversold Market
One of the reasons behind our signal is that both of the leading indicators, RSI and Stochastics, has gone oversold. Sooner or later, sellers will be exhausted and bulls may enter the market to buy the cheaper GBP/JPY.
GBP/JPY – Hourly Chart
Double Bottom Support
On the hourly chart, GBP/JPY formed a descending triangle pattern which typically breaks downward. The triangle is extending support at 147.450 along with a resistance at 148. The idea is to capture a correction in the bearish trend.
GBP/JPY – Trading Plan
Our trading plan is to buy above 147.450 with a stop below 147.050 and take profit at 147.85. Traders are advised to move their stops at breakeven.
Good luck!
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