GBP/JPY - sterling/yen looking to continue higher
We discussed the GBP/JPY last week in our November 16th commentary, the fresh uptrend underway in this pair and that we were looking to buy on a pullback. We are still looking for a buying opportunity on the GBP/JPY, to trade in line with this fresh bullish momentum.
Traders can look for any weakness or a confirmation signal on the daily chart to get long as this uptrend is likely to resume after a pullback. Traders can watch the 21 day exponential moving average value (support) area as well as support near 1.3235 for potential buying opportunities. Notice the large bullish pin bar that formed the week before last - that was the event that caused us to start looking for buying opportunities in this pair.
Patience will be rewarded as this current move higher could be the beginning of something bigger, as there’s potentially 1,000 pips of upside from 133.00 area into the overhead resistance up near 143.00.
This article was written byNial Fuller. Nial is a highly regarded professional trader and author. He is the founder of Learn To Trade The Market, the worlds foremost trading education resource. To learn more, visit www.LearnToTradeTheMarket.com
