Quick Update On GBP/JPY Trading Signal!

Posted Friday, October 26, 2018 by
Arslan Butt • 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

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.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of