GBPJPY: Bullish market condition
Today is announced probably the most important news event in the forex market, the interest rate announcement from the FED. So we need to be careful, although no interest rate change is expected later today, traders and investors will focus in the tone of the speech: hawkish, etc. So we still could have some impact and wild swings.
Technically speaking, the GBPJPY is in a bullish market condition, it bounced off an important support level, please take a look at the next chart:
I know, a lot of us were expecting the market to brake the long term support level and validate the daily double top, but I guess the GBPJPY is not ready for that yet. Instead, it was rejected from that support level around 149.11, so, we need to look for long trading opportunities.
My Trading Plan:
As long as the market keeps trading above 149.37 I will be looking for long trading opportunities. All my TP orders will be set at 152.38. Remember: no trades before the interest rate announcement.
All short opportunities will be ignored.