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Long GBP/JPY at Market

Long GBP/JPY at Market

Long GBP/JPY

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This is related to the setup that we discussed in the article, GBP/JPY Technical Analysis: The New Trend is Settling-In. After the pair tagged resistance at the 137.50 level in the overnight session, a retracement has come-in down to the support zone that we’ve been watching around the 135.50 level.

Stops on the position can be adjusted below the swing low at 134.00, and targets can be cast towards 137.50, 138.80, 140.00 and then 141.50.

Chart prepared by James Stanley

--- Written by James Stanley, Analyst for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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