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GBP/JPY Following Through on Weekly Support Hold

GBP/JPY Following Through on Weekly Support Hold

Jamie Saettele, CMT, Sr. Technical Strategist

SB Trade Desk has been long GBP/JPY since 131.00 (entered on 8/19) based on the 5 year trendline. The first big test of resistance is probably near a bearish parallel that extends off of the 6/16 low and July high. This line isn't until near 140. We're currently sitting with a better than breakeven stop and will be looking to add on 'displays of strength' at near term support levels over the next few weeks. Join SB Trade Desk for more details on this and other setups.

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