GBP/JPY: trading on Brexit

GBP/JPY: trading on Brexit

2019-11-11 • Updated

Trade ideas

BUY 141.60; TP 143.80; SL 141.35

SELL 137.80; TP 135.80; SL 138.10

What is the best way to bet on the positive outcome of the Brexit deal? Technically, the GBP has bullish potential versus the JPY. GBP/JPY is testing levels above the 50-week MA at 139.45. On the upside, there’s no strong resistance until 144.00 (100-week MA and the resistance line from the start of 2018). Taking into account the high volatility, we’ll consider long positions above 141.55 (50% retracement of the 2018-2019 decline). In the negative scenario, the fall below 138.60/00 (200-day MA/38.2% Fibo), GBP/JPY may slide to 135.50 (September highs).  

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