GBP/JPY Bounces Off 143.200 – Time to Trade Bullish Crossover!

Posted Wednesday, October 31, 2018 by
Arslan Butt • 1 min read

What’s up, traders.
The cross currency GBP/JPY is trading bullish at 144.200 on the back of weakening Japanese Yen. Most of the sellers jumped in the market after the Bank of Japan decided to keep the interest rate on hold. While on the other hand, the US-China trade war is making the dollar the most attractive currency.

The bullish momentum in GBP/JPY seems to get stronger as the pair has crossed above a solid resistance level of 143.950. Basically, it was a 20 periods EMA which has now been violated.

So, can we expect a continuation of the bullish trend? Well, the technical indicators are signaling bullish bias, especially the RSI is holding over 50, representing the buying trend.

Support Resistance
143.14 144.31
142.6 144.93
141.43 146.1
Key Trading Level: 143.76

GBP/JPY – Trading Plan
I’m looking to enjoy the choppy trading by selling below 144.450 and buying above 143.750 with a minimum stop loss of 30 pip. Whereas, the take profit should be 50 pips.

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