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GBP/JPY testing 50 EMA – Quick update on trading signal!

What’s up, traders.

During the early European session, we shared a forex trading signal to open a buying position in GBP/JPY above 142.850 to target 143.55. The trade is in 40 pips profit but the 50 periods EMA can cause a trouble.

Looking at the hourly chart, the GBP/JPY is trading bullish at 143.450 due to weakness in the Japanese Yen. The RSI has a cross above 50 which means investors are trading with the bullish sentiment. However, the only hurdle is 50- periods EMA which is likely to provide it a strong resistance near 143.50. While our take profit is 143.550.

 

Fellas, we are just 10 pips away from the take profit, therefore you are advised to move your stop loss at breakeven points and wait for the take profit. Later on, I will try to sell the pair near 144.250, but wait for our trading signal!

 

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Arslan Butt
Index & Commodity Analyst
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.
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