GBPJPY: Waiting for a short term range breakout

In the last weeks the JPY crosses have been trading in a pretty wide range, the GBPJPY for instance went from around 150.35 to around 139.79 to 148.20 and right now it is trading at 142.55, this is more than 2,500 in a little more than 3 weeks.  These are the swings that we need to stalk:

GBPJPY
GBPJPY

Right now the GBPJPY is trading around the LT support level of 142.62, in the short term charts this zone accounts for: 144.02 and 142.17 (quite large short term range). So right now I’m waiting for the market to break that range before starting to look for a trade opportunity.

So here is my Trading Plan:

If the Pound-yen breaks the 144.02 ST resistance level, I will be looking for long trade opportunities.

If the GBPJPY breaks the 142.14 ST support level, I will be looking for short trade opportunities.

If it continues to trade in the ST range I will do nothing.

Trade Safe!
Raul Lopez

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 .