GBP/JPY Trades In Upward Channel, Struggling Below 50 EMA
Arslan Butt•Tuesday, October 30, 2018•1 min read
The GBP/JPY trade went in our favor to help us close quick green pips today. Overall, the safe haven appeal of Japanese Yen seems to fade away as investors are trying to stay away from it for two major reasons:
- The Japanese crosses are trading in a narrow range ahead of the Bank of Japan’s monetary policy decision due to come out on Wednesday.
- Investors avoided riskier assets and migrated to buy the Greenback after Bloomberg announced that Washington is preparing to announce tariffs on all remaining Chinese imports by early December. So, investors still believe that the USA has less to lose in this trade war, which is leading them to invest in the dollar.
Technically, the GBP/JPY is trading below a strong resistance area of 144.450. The 50 periods EMA is giving a hard time to bulls who are trying to make a bullish crossover. In fact, the closing of recent candles, especially the bearish engulfing one is suggesting a selling trend in the GBP/JPY.
GBP/JPY – Trade Idea
The idea is to stay bearish only below 147.450 today to target 143.750. The violation of 143.750 can extend a bearish rally towards 143.450.
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
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