GBPJPY: At Key Support, Testing Bullish Trend-line

GBPJPY: has recently touched key support trading at 142.200-142.300 on August 9,2017. The pair failed to push above support level yesterday indicating that buyers are jumping in. Thus, another bearish test is likely to occur tomorrow or next week. If sellers failed to push the pair below 142.200, that can be considered somewhat bullish for the GBPJPY. However, keep in mind that Brexit negotiation is still going on going, and rumors has it that the talks have not started well for the Pound.

Strategy:

Plan A: Buy at 142.400-142.700, Target Price 144.5/147, Stop Loss 141.800

Plan B: Sell when price is below 141.600, Target Price 139.400/137.00, Stop Loss 142.500

Daily Chart

 

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