GBP/JPY Sideways Channel – It’s Worth Trading the Breakout!
Arslan Butt • 1 min read
What’s up, traders.
The financial markets are a bit slow today due to lack of major economic catalysts. Likewise, the GBP/JPY is also stuck in a sideways channel which is supporting it near 146.300 along with resistance at 146.950.
Investors are also waiting for the Bank of Japan monetary policy statement on Wednesday to confirm the further trend of the market. But for now, we should try to capture only 25/30 pips. So, the plan is to wait for a breakout. Technically, the chances of a bullish breakout are higher. The violation of 146.950 is likely to give us further room for buying until 147.350.
On the lower side, 146.300 is a triple bottom support. The bearish breakout can lead GBP/JPY towards 145.750. So be alert for our trading signal and keep following FX Leaders Signals Page!