What’s up, fellas.

It’s been another strong day as team FX Leaders grabbed three consecutive take profits, in DAX , CAC , and GOLD, while the fourth one is in the loop. I’m talking about the GBP/JPY , which is floating in +20 pips. Here’s a logic behind opening a selling trade:

• On the 4 hour chart, the pair has formed a bearish engulfing pattern which confirms the stronger bearish power.
• During the early European session, the GBP/JPY violated an intra-day support level of 143.650 which opened further room for selling until 143.
• Besides this, the pair has formed a bearish channel which confirms the selling trend of the pair.
• The currency pair holds below 20 & 50 periods EMA, which is another reason for opening the selling trade.

For now, traders are advised to move their stops at a breakeven point to avoid sudden reversals.