TraderAvDM
Long

GBPJPY: Trying a BUY after a Selloff?

FX:GBPJPY   British Pound / Japanese Yen
Like every other X/JPY pairs, GBPJPY too has seen a heavy sell-off this week. President Trump's threat of higher tariffs over the weekend has rattled the markets. And, that has led to high demand in SAFE HAVEN Yen.
Besides, Brexit uncertainties and the UK's political landscape has also contributed to Pound's fall. The combined factors have led to a big decline in GBPJPY .
However, is there a chance of a relief rally in GBPJPY?
We can see that the price is now in the 142.80-143.10 area. In the past, this area has acted as a REVERSAL point for GBPJPY .
So, it's important to analyze how price behaves in this area.
Upon BULLISH PRICE ACTION, traders can look for BUYS at 142.80-143.10 with SL below 142.60.
TPs can be set at 144, 145.20 and 147 respectively.
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