Sideways Trading In GBP/JPY – Technical Outlook!
The bearish momentum in GBP/JPY seems to get weaker as the pair is reaching near a solid support level of 147.850. Basically, it's a triple.
What’s up, traders.
The cross currency GBP/JPY is trading sideways at 145.200 on the back of strengthening Japanese Yen. The bid tone around the safe haven currency Yen strengthened due to a steep drop in the stock market indices. For now, investors focus on the MPC Member Vlieghe who is due to deliver a speech titled “Global and domestic challenges for UK monetary policy” at the Belgian Financial Forum in Brussels at 2:45 (GMT).
Now let’s speak about the technical outlook. The bearish momentum in GBP/JPY seems to get weaker as the pair is reaching near a solid support level of 147.850. Basically, it’s a triple bottom support level and these kinds of patterns are known for a bullish reversal.
Can we expect a bullish reversal now? Well, the technical indicators are signaling bullish bias. Especially, the RSI is below 20 which means sooner or later the sellers may get exhausted.
Support Resistance
147.31 149.15
146.49 150.17
144.65 152
Key Trading Level: 148.33
GBP/JPY – Trading Plan
I’m looking to enjoy the choppy trading by selling below 148.350 and buying above 147.450 with a minimum stop loss of 30 pips. Whereas, the take profit should be 50 pips. Stay in touch for updates on forex trading signals…
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