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Choppy Trading in GBP/JPY – Who Else is Trading the Range?

Posted Thursday, May 30, 2019 by
Arslan Butt • 1 min read

What’s up, fellas.
The Japanese cross GBP/JPY has been trading sideways as investors fell unsure about the trade war and Brexit issue. Both factors continue to negatively impact GBP/JPY, which declined to the support level of 138.03 during the previous session.

At the moment, the GBP/JPY pair seems to retrace up as it has already crossed over 138.450 resistance level and now, the same 138.450 is extending support to Guppy.

On the hourly chart, the pair has crossed above 50 periods EMA at 138.400, which further adds to the bullish bias of investors. Alongside, the Stochastic and RSI are holding above 80, suggesting bullishness in GBP/JPY.

Support Resistance
138.48 139.44
138.09 140.03
137.13 141
Key Trading Level: 139.06

Speaking of target, the GBP/JPY pair is highly likely to continue bullish over 138.400 to target 138.650 and 139.

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