GBP/JPY Sideways Channel - It's Worth Trading the Breakout! - FX Leaders News

GBP/JPY Sideways Channel – It’s Worth Trading the Breakout!

Posted Monday, September 17, 2018 by
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!

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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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