Choppy Trading in GBP/JPY – is it Time to Sell the Pair?
On the hourly chart, the GBP/JPY pair has formed a double top pattern which is pushing the GBP/JPY lower...
Arslan Butt•Thursday, October 18, 2018•1 min read
What’s up, fellas.
The Japanese cross GBP/JPY has been stuck in a narrow trading range of 147.150 – 147.750 as investors didn’t get any major reason to break out of the range. For the moment, the pair is trading at 147.550, right below the immediate resistance level of 147.650. Let’s look at the key technical points:
Key Technical Points
- On the hourly chart, the pair has formed a double top pattern which is pushing the GBP/JPY lower.
- The RSI is coming out of the oversold zone (crossing below 80), signaling a potential bearish reversal.
- The 20 & 50 periods EMA has a bearish crossover, which is another signal for a bearish bias.
- The GBP/JPY failed to violate 147.650, a crucial trading level of the day.
Support Resistance
147.12 148.16
146.57 148.65
145.53 149.7
Key Trading Level: 147.61
GBP/JPY – Trade Plan
The idea is to stay bearish below 147.650 to target 147.150. Whereas, the bearish breakout of 147.150 can open further room for selling until 146.750. Good luck!
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
ABOUT THE AUTHOR
See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
Comments
Subscribe
Login
Please login to comment
0 Comments
Oldest
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals