DowntownForex

GBP/JPY – Another Trade Idea

by: Back Bay FX

GBP/JPY has been trading in a range that is well-defined by the 2 hour time frame Bollinger Bands. In the below snapshot, the pair has bounces off the midline and seems to be continuing it’s move higher. Yet that midline is a very important level.

We will use a Buy Limit order to go long GBP/JPY (current bid at 158.15) at 157.70. Our Target Level is just below the top Bollinger Band at 160.10. We will enter a Stop Loss at 157.65 which would indicate a solid break of the midline support level.

Stay Nimble!

Stephen Leahy
Back Bay FX Services, LLC
www.backbayfx.com

Thanks to FX Solutions and Accucharts for the below image.

Popularity: 25% [?]