forexTrdr GBPJPY - OVERSOLD POUND BLOCKBUSTER
Morning traders,
After overnight success with our Euro versus Japanese Yen trade to the tune of 85 pips profit on top of the Australian Dollar versus US dollar racking up 40 pips profit we are today looking at the British Pound vs Japanese Yen.
On our trading view account we have charted out the two resistance channels that we are looking to trade between with the pair currently at the lower support level around mid 145. Why are we looking to enter? After positive retail sales out of the UK the pair has bottomed out and is holding here at this support whilst lining up with multiple technical indicators pointing to a correction higher.
Firstly on our chart we have shown Stochastics is at extreme oversold readings sub 25 and is turning up; RSI is in the mid 30s and at previous levels where the pair have headed higher; Ichimoku cloud is providing lower support at this level whilst Bollinger bands are showing oversold readings. All lining up to suggest a corrective move higher near term. Therefore as per our chart work on tradingview we are looking for a move back up to the upper resistance of this channel around 147.
As with all British Pound trades currently the risk is higher than normal with elevated political headline risk around Brexit and as such it is sensible to set risk accordingly and only look to enter trades on this currency when multiple indicators give the green light.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
After overnight success with our Euro versus Japanese Yen trade to the tune of 85 pips profit on top of the Australian Dollar versus US dollar racking up 40 pips profit we are today looking at the British Pound vs Japanese Yen.
On our trading view account we have charted out the two resistance channels that we are looking to trade between with the pair currently at the lower support level around mid 145. Why are we looking to enter? After positive retail sales out of the UK the pair has bottomed out and is holding here at this support whilst lining up with multiple technical indicators pointing to a correction higher.
Firstly on our chart we have shown Stochastics is at extreme oversold readings sub 25 and is turning up; RSI is in the mid 30s and at previous levels where the pair have headed higher; Ichimoku cloud is providing lower support at this level whilst Bollinger bands are showing oversold readings. All lining up to suggest a corrective move higher near term. Therefore as per our chart work on tradingview we are looking for a move back up to the upper resistance of this channel around 147.
As with all British Pound trades currently the risk is higher than normal with elevated political headline risk around Brexit and as such it is sensible to set risk accordingly and only look to enter trades on this currency when multiple indicators give the green light.
Good luck trading
from the Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
Trade closed: stop reached:
Stop hit on chatter of 1922 committee looking to change their rules to allow for a leadership contest- pushing PM May out and likely bringing in a hard brexiteer to see off the challenge from Nigel Farages new party
