Quick +30 Pips In GBP/JPY – Who’s Up for Next Sell Limit?

GBP/JPY is trading at 150, after breaking above the descending triangle pattern near 149.450. We can also see a bullish crossover on EMA...

Written by: Arslan Butt • Wednesday, April 4, 2018 • 1 min read

Last updated: Wednesday, April 4, 2018

The Japanese cross GBP/JPY soared sharply above 150.00 on the back of the UK’s better than expected Manufacturing PMI. Owing to this spike, our forex trading signal managed to get a quick 30 pips for us. Now I’m looking to set up another pending order. Are you up for it?

GBP/JPY – Quick Technical Outlook

Recalling our earlier update, GBP/JPY Bounces off 148.550 – Investors Eyeing UK Manufacturing PMI, the pair traded exactly as forecasted. Today, the GBP/JPY is once again depending upon the fundamentals from the UK. This time it’s Construction PMI which is expected to drop from 51.4 to 50.9.

GBP/JPY - 180 Min Chart

GBP/JPY – 180 Min Chart

At the moment, the GBP/JPY is trading at 150, after breaking above the descending triangle pattern near 149.450. We can also see a bullish crossover on the 50 periods EMA.

The pair can face resistance near 150.50, the double top pattern along with a support near 149.450.

GBP/JPY – Trading Plan

Traders I’m looking to stay bearish below 150.500 with a stop above 150.750 and take profit of 149.550. Good luck!

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

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.