GBP/JPY Hit’s Take Profit – What’s Next?
Arslan Butt • 1 min read
It’s been an astonishing start of the week with two take profits in a row. Forex trading signals on DAX and GBP/JPY did pretty well, thanks to the safe haven appeal. As discussed in our previous update on gold, the market is trading the risk-off sentiment due to worries over a potential decline in China’s economic growth amid an ongoing trade war.
Did you miss the Asian session’s trades? Well, not to worry. The GBP/JPY is getting ready to offer us an additional trade setup. Take a look…
The GBP/JPY is trading at 145.580, after breaking below an intra-day support level of 146.850. The pair is likely to continue its bearish momentum until the next support level of 146.250. It’s the same level which extended a strong support to GBP/JPY on September 14.
The RSI and Stochastics are in a selling zone, suggesting a bearish bias of traders. Whereas, the 50 periods EMA is supporting the pair near 146.500.
GBP/JPY – Trade Plan
Fellas, I will be looking to take another sell position below 147.250. While the buy limit stays at 146.060 with a 50 pips take profit. Good luck and stay tuned as we may have more opportunities during the New York session on the release of US retail sales figures.