Trading signal on GBP/JPY – Can we make 60 pips out of it?

Posted Tuesday, August 21, 2018 by
Arslan Butt • 1 min read

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

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.

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About the author

Arslan Butt is our Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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