GBPJPY appears oversold

FX:GBPJPY   British Pound / Japanese Yen
The Congestion Opportunities Strategy has just bought GBPJPY at 145.477. The system recommends entering this trade at any price between 145.087 and 145.867. The signal was issued because the 28-hour Relative Strength Index indicates that the GBPJPY may be oversold, while the Speculative Sentiment Index reading of 1.316 indicates that trader sentiment is not at extremes.The 14-period Average True Range on a daily chart is 1.561, so the stop loss has been set at 143.916. This stop loss order is a trailing stop that will move up as the market moves up. There is no profit target for this strategy. We expect to be closed by the stop loss.Congestion Opportunities is a range trading strategy that aims to sell overbought currency pairs and to buy oversold currency pairs. The strategy will only trade when the Speculative Sentiment Index for that currency pair is between -1.5 and +1.5. Limiting range trading in this way has shown in the past to significantly raise the probability of successful range trades.
signal ID: 64454
Time Issued: Thursday, 21 March 2019 08:00:16 GMT
Status: open
Entry: 145.087 - 145.867
Limit: N/A
Stop Loss: 143.916
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.88% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Yep, GBPJPY can go up from here. I like your idea. My trade was just a short term trade to catch the breakout. The bears might stop now, I closed all my short positions a while ago.
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