GBP/JPY Ascending Triangle Breakout – UK Employment Report Up Next!

Posted Tuesday, October 16, 2018 by
Arslan Butt • 1 min read

It’s been another great day with two take profits in a row. Gold and GBP/JPY traded nicely as planned and now, investors are waiting for the UK labor market figures which are due in 30 mins. You can follow the live coverage of UK employment data on FX Leaders economic calendar. Here’s the next trade plan…

On the hourly chart, the GBP/JPY has already violated an ascending triangle pattern at 147.350 and that’s where we decided to take a buying trade. For now, the pair is heading north towards 61.8% retracement level of 148.

The closing of candles below this level can help us capture a quick sell in GBP/JPY. But before that, we also need to consider the UK’s labor market data.

GBP/JPY – Trade Plan

  • Positive Employment Report – The GBP/JPY can extend a bullish momentum until 148 and 148.450.
  • Negative Employment Report – The pair can dip below 148.06 to target 147.450.

The idea is to adjust your position based upon the news release. Stay tuned to FX Leaders for more forex trading signals!

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