GBP/JPY is Ready to Retrace – A Quick Sell Signal
Arslan Butt•Thursday, January 24, 2019•1 min read
What’s up, traders.
Finally, the market is exhibiting some action after a boring week. The British Pound held strong today after experiencing “modest gains” earlier this week. Investors triggered the bullish trend a week after Prime Minister Theresa May’s Brexit deal was voted down in parliament.
On the other side, the Japanese Yen also remains weak on the back of dovish monetary policy from the Bank of Japan.
We just spotted a pretty cool trade setup in GBP/JPY and it may offer us quick 30/40 pips on the US open. Take a quick look:
- The GBP/JPY has entered the overbought zone on the 4 – hour chart. It’s a bearish signal.
- The Japanese cross has formed a doji pattern near the intraday high level of 143.500.
- The pair is likely to take a bearish turn to complete retracement. Consider monitoring 142.700 (23.6% Fibo Level) and 142.300 (38.2% Fibo Level).
So, we have opened a sell signal at 143 with a stop above 143.450 and take profit at 142.700.
Good luck!
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR
See More
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.
Related Articles
Comments
Subscribe
Login
Please login to comment
0 Comments
Oldest
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals