GBP/JPY Swing Trade Setup – UK’s Halifax HPI Is Out!
During the London open, we shared a forex trading signal to enter a buy position in GBP/JPY to target 151.250. However, we decided to close the position manually in profit before the release of HPI figures. At the very next moment, the market fell more than 50 pips. Thankfully we were already out at profit.
The house prices were largely unchanged during the previous three months when compared with the previous quarter. However, the recent release showed a boost of 1.5% vs. 0.1% forecast. Sterling is getting stronger after the news release and signaling further buying in GBP/JPY.
GBP/JPY – Hourly Chart
Apart from fundamentals, the technical indicators are also signaling bullish bias of investors. For instance, take a look at the hourly chart above. GBP/JPY was consolidating in an ascending triangle, which was violated on the release of Halifax. The 150.950 resistance which was extended by the triangle pattern is likely to work as support now. The RSI is also in the buying zone, supporting the buying sentiment. Newbies are advised to check FX Leaders Triangles and Wedges – Forex Trading Strategy for a better understanding of these triangle setups.
GBP/JPY – Trading Plan
At the moment, GBP/JPY is trading at 151.080 and is likely to go after the next target levels of 151.650 and 161.850. I will be looking to take a buying position above 151.950. Good luck!
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