Sellers Looming in GBP/JPY – A Potential +100 Pips on the Cards!
On the daily timeframe, the GBP/JPY has tested 149.450 for the third time, yet failed to surpass this level. The RSI and Stochastics are...
Arslan Butt•Thursday, November 8, 2018•1 min read
During the European session, GBP/JPY soared to place a high near 149.450 but failed to violate this level. This seems to be a signal that the bears are looming around 149.450 and we may be able to capture a swing trade for more than 100 pips.
GBP/JPY – Technical Outlook
- On the daily timeframe, this pair has tested 149.450 for the third time, yet failed to surpass this level.
- The RSI and Stochastics are overbought and we may see buyers taking profit soon.
- The recent candle has a big shadow on the upside, which reflects that probably buyers are coming out of the market.
So, here’s a plan. We should look for a selling opportunity below 149.450 to target 148.450 and 148 at first. The stop loss should be above 149.450.
Good luck!
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ABOUT THE AUTHOR
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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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