During the early European session, we opened a GBP/JPY forex trading signal to open a buying position above 141.200 with a target of 141.80. At the moment, trade is doing pretty well, as our trading signal is already making like 20 pips. Here’s a reason behind opening the trade.

Looking at the hourly chart, the GBP/JPY was trading in the ascending triangle pattern which provided is a significant resistance near 141.200. Earlier today, the pair broke out of the bullish pattern.

GBP/JPY – Hourly Chart

Secondly, the pair also had a bullish crossover on the 100 periods (green one in the chart) which is supporting the buying sentiment of the investors. All we need is a bit of trading volume as the market is lacking volatility. I hope it will be back during the U.S. session.