GBP/JPY Hit Take Profit – Is It Good Time To Catch Retracement?

Posted Monday, October 22, 2018 by
Arslan Butt • 1 min read

Looks like a good start to a slow week. As discussed earlier, the financial markets are a bit muted due to lack of economic events. Yet, the market is on the move and team FX Leaders managed to grab two winners out of three trades. Although the market is slow, the technical setups are very likely to offer us quick trades. Here’s our next trade plan for the GBP/JPY.

GBP/JPY – Technical Outlook

On the hourly timeframe, the GBP/JPY tested out take profit level at 147.500. It was a level where the Japanese cross entered the overbought zone. For now, the pair can go towards, completing 61.8% retracement at 147, before it continues trading its bullish momentum.

  • We can also see a bullish channel which is supporting the pair near 146.950.
  • 20 and 50 periods EMA is also supporting the pair near 146.950.

GBP/JPY – Trade Plan

Fellas, a quick trade is to take a sell position below 147.500 to target 147.100. While buying is preferred above 146.850 with 30 pips stop and 60 pips take profit.

Good luck!

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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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