Trading Ideas

 GBP/JPY DAILY

GBP/JPY has been moving in an uptrend since the beginning of the year. The bullish cycle that initiated in mid-May stalled just above 162 and the cross headed downwards being supported by the long-term trend line. The recent bullish cycle encountered selling pressure at 163 but the cross was able to set a new high before correcting to the support line. GBP/JPY seems to be ready for a new bullish cycle presenting a great opportunity to open a Long position.

*Legal disclaimer: Please acknowledge this is solely the writer’s opinion and does not pose an investment recommendation in any sort of way. Before placing trades please consider its suitability for your circumstances.

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