MattSzwyd

GBPJPY an attractive TA buy, but Brexit news looms

Long
FX:GBPJPY   British Pound / Japanese Yen
I'm taking a long position on GJ because I like what I see on the daily chart from a technical standpoint -- an inverse head & shoulders pattern that coincides with a breakout from the prevailing downtrend. What's more, the breakout has closed above the 50-day MA. All in all, from a technical standpoint there is enough evidence here to establish a decent R/R setup. This week's Brexit-heavy risk sentiment may lead to some whipsaws in the market, so stops may take a beating moving forward.

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