GBP/JPY tests the upside

GBP/JPY tests the upside

2019-11-18 • Updated

Trade idea

BUY 141.60; TP 143.25; SL 141.40

It looks like GBP/JPY is finally trying to break out of the recent consolidation. The pair’s trading above 140.30 (the triangle resistance line and 61.8% Fibo retracement of the March-August decline). Moving averages on the D1 are in the positive setup. The advance above October high at 141.50 will open the way up to 143.25 (100-week MA) and 144.00 (78.6% Fibo). If the price returns to 140.30, new buyers may appear. The further support is at 139.40 and 138.450 (200-day MA).   

GBPJPY.png

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