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

Posted Friday, September 7, 2018 by
Arslan Butt • 1 min read

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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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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