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