GBPJPY Update

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I wrote yesterday that I like GBP against JPY for a short term long trade from current levels. The GBPJPY pair has broken above two trend lines and is currently trading near a pivotal support and outside the lower Bollinger Bands. Stochastics is oversold while the last 4h candle is currently a narrow range candle that indicates a turnaround in this pair. My target for a quick intraday trade is at 185.45.

Today the pair has been making higher lows after an initial drive lower. These lows provided buying opportunities for those that didn’t scrap the trade idea after a wash out that might have scared some weaker holders away. At the time of writing the pair is on its way to the target of 185.45.

 

Janne Muta

Chief Market Analyst

HotForex

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