GBP/JPY Hit’s Take Profit – What’s Next?

Posted Monday, October 15, 2018 by
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.

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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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