GBPJPY Long on 140.30 Breakout - Target: 142.00
Theresa May's call for early election caused institutions to revise their targets for the pound, and a sharp increase to 1.29 on GBPUSD.
As JPY has been bought aggressively for days, I believe this is about the time for a short covering.
Combine these 2 ideas with a technical signal that GBPJPY is breaking previous highs, I'm targeting 142.00 as the next stop.
As JPY has been bought aggressively for days, I believe this is about the time for a short covering.
Combine these 2 ideas with a technical signal that GBPJPY is breaking previous highs, I'm targeting 142.00 as the next stop.
Comment:
The cross couldn't hold up its momentum. A quiet weekend is expected today. Beware of possible coverings that could pull the price down a bit.
Trade closed: target reached:
This trade unexpectedly got closed @142.00 as my Take profit level was hit around today open. Further strategy is to be updated.
*Disclosure: I'm trading a practice account opened with FXCM to prove for myself the performance of my ideas. The account size is USD 50K. The reason I don't trade real account at the moment is because I don't want emotions to interfere my reasoning. After successfully traded this Demo account, I may open a real money one.
*Disclosure: I'm trading a practice account opened with FXCM to prove for myself the performance of my ideas. The account size is USD 50K. The reason I don't trade real account at the moment is because I don't want emotions to interfere my reasoning. After successfully traded this Demo account, I may open a real money one.