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

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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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.
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