GBPJPY broke the consolidation

Rene Remsik Atlantis Capital Group

After one month of consolidation, we can finally see a breakout from the 300 pips zone. GBPJPY is giving a clear trading signal by breaking the trendline and support. After this, it will very probably go lower and the closest profit target is around a level 145.6. If the market goes back to 147, it would be a proper entry point for a short position.

Stop-loss could be placed at 147.8. GBPJPY was very lazy last month, so we should see some bigger moves soon. If GBPJPY fails to create a pullback from 147, we will probably witness a continuation of the uptrend which started in the middle of August.

Author

Rene Remsik

Atlantis Capital Group

My friends and family consider me as a market geek. I got into markets when I was just 15 years old and since then I read, study, analyse markets and mainly currencies, commodities, stock indices and cryptocurrencies.

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