Trading GBP/JPY on the news

Trading GBP/JPY on the news

Trade idea

BUY 138.40; TP1 138.75; TP2 139.45; SL 138.25

SELL 137.95; TP 137.05; SL 138.15

Britain will release some economic data today. The forecast is positive. It’s possible to try to exploit this idea trading GBP/JPY.

The pair made a big spike down last week. Yesterday the pair found support and formed a daily candlestick with a long lower wick. This is a sign that GBP/JPY is trying to find a bottom. Advance above MA on H1 at 138.40 will allow it to test at least the Fibo level at 138.75. On the other hand, a slide below 138.00 (50-period MA on H4) if the British data disappoints will allow selling with a target at 137.00. 



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