Quick Update On GBP/JPY Trading Signal!
Arslan Butt•Friday, October 26, 2018•1 min read
What’s up, fellas.
It’s been another strong day as team FX Leaders grabbed three consecutive take profits, in DAX , CAC , and GOLD, while the fourth one is in the loop. I’m talking about the GBP/JPY , which is floating in +20 pips. Here’s a logic behind opening a selling trade:
- On the 4 hour chart, the pair has formed a bearish engulfing pattern which confirms the stronger bearish power.
- During the early European session, the GBP/JPY violated an intra-day support level of 143.650 which opened further room for selling until 143.
- Besides this, the pair has formed a bearish channel which confirms the selling trend of the pair.
- The currency pair holds below 20 & 50 periods EMA, which is another reason for opening the selling trade.
For now, traders are advised to move their stops at a breakeven point to avoid sudden reversals.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
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
Add 3442
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals