Hello traders, if you followed my previous ideas on GBP/JPY you already know that we have been buying the dips below 181. We had a couple of buy positions near 180.80 which generated over 160 pips on each trade.
Currently, if you look at the daily chart, you can see that the price has rebounded after moving very close to the 100day EMA. With BOJ keeping the negative rates intact, it will probably weaken Yen in the near term. So, we can expect GBP/JPY to probably reach 187 and even higher. So, my strategy is to buy the dips in GBP/JPY.
Comment
⋅
Strong bullish move, 183.70 will be the first test
Comment
⋅
Price is now 115 pips higher since I posted. So, if you followed me, you have at least 115 pips profit. Also, the first resistance at 183.70 zone is now being tested
Comment
⋅
Price struggling at the minor resistance, sold@183.68 , target : 60-100 pips