Sellers Looming in GBP/JPY – A Potential +100 Pips on the Cards! - Forex News by FX Leaders

Sellers Looming in GBP/JPY – A Potential +100 Pips on the Cards!

Posted Thursday, November 8, 2018 by
Arslan Butt • 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

Arslan Butt // 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.
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