GBP/JPY trading signal doing well – Quick update!

Posted Tuesday, September 4, 2018 by
Arslan Butt • 1 min read

During the late Asian session, we opened a forex trading signal to buy GBP/JPY at 142.88 and until now the signal is making like 30 pips. But we are targeting 143.45 (Approx 60 pips) in this trade.

The reason why we are aiming 143.450 is that it’s a 50% retracement level. As we can see on the 2- hour chart, the GBP/JPY was in oversold territory and it’s finally coming out of it. It means the pair is bouncing off to complete the retracement. That’s why we took a bullish position and we should hold on to it until 143.450 with a stop loss at breakeven levels. Good luck!

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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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