GBPJPY: Not a good one to trade

It appears that the market is reacting now, most pairs are trading in a clear market condition (finally after two weeks of very few opportunities) and there are good opportunities in some pairs and crosses.

However, there is one cross that continues to trade in a undefined range (the most difficult market condition to trade since we have no clear support or resistance levels), and it is the GBPJPY.

I know many traders like the GBPJPY because it moves pretty fast and the average daily range is greater than most currency pairs, but these weeks have been difficult to find any opportunity in this one, just take a look at the next chart:

GBPJPY
GBPJPY

This one has no clear support or resistance levels, the GBPJPY stalled around 150ish, so the best thing to do here would be to wait for the market to break the range before looking for any trade.

My Trading Plan

Forget about GBPJPY

Trade Safe

Raúl López

Tags: , ,


Raul Lopez

I've been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .