Another Win in GBP/JPY. Who’s Up for the Next Trade?
Arslan Butt • 1 min read
I hope you are enjoying the volatile market, especially the forex trading signals. Today we got another winning trade in the GBP/JPY and we are looking to open another one now. But before that, let us see what’s going on in the market.
During the Asian session today, Japan’s Regional Banks Association Chief Takashige Shibato stated that the Bank of Japan should take into account the side-effects of the ultra-loose monetary policy and remarked that it’s been six years since the BoJ claimed that the 2% inflation target would be reached in two years. While the macroeconomic figures are also underperforming. The safe-haven Japanese Yen weakened in response to this.
- On the technical front, the GBP/JPY is facing strong support around 145.200 along with resistance at 147.300. We can also see a 100 periods moving average crossover at 146 which demonstrates a buying trend.
- The leading indicators hold above 50, while there’s a bullish engulfing pattern on the 4-hour chart which may drive further buyers for the pair.
- But investors are also afraid of taking positions in the GBP/JPY ahead of British vote.
GBP/JPY – Trade Plan
The idea is to stay bullish above 146 with a stop loss below 145.750 and take profit at 147 and 147.400.