Overview- GBP/JPY is in a continuous uptrend since the beginning
of February 2020. However, price looks a bit overextended now and it seems like
the bids are starting to dry up
Analysis - As you can see in the hourly chart, GBP/JPY is unable to
break out of the 1.48.20 level. So, it is likely that there will be a pullback soon after
which the uptrend can resume again.
Probable trade set-up - Based on the above analysis, short-term traders
with significant risk appetite can sell at 148 - 148.20 with SL above 148.35
and TP at 147 level. Long term traders can wait for a dip to 147 area before buying.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.
of February 2020. However, price looks a bit overextended now and it seems like
the bids are starting to dry up
Analysis - As you can see in the hourly chart, GBP/JPY is unable to
break out of the 1.48.20 level. So, it is likely that there will be a pullback soon after
which the uptrend can resume again.
Probable trade set-up - Based on the above analysis, short-term traders
with significant risk appetite can sell at 148 - 148.20 with SL above 148.35
and TP at 147 level. Long term traders can wait for a dip to 147 area before buying.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.