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. 

GBPJPYH4.png

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EUR/USD met resistance in the 1.1415 area. The pair’s advance in the recent days was quite rapid, so it might be hard for the euro to retain the bullish momentum.

NZD/CHF is in a downtrend

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