GBP/JPY: Trade ideas for Sep. 1

Felipe Erazo

The GBPJPY opened the week with a bullish gap above the support level of 172.59, by what this pair could begin to make a retracement to the support level of 172.27 where is located the 50.0 Fibo retracement level.

This pair could perform a rebound on that level to return to the bullish trend in the short term. However, the GBPJPY could fall below 500 EMA, possibly finding support at the level of 171.92. If this pair manages to make a breakout at that level, the next target would be the support level of 171.66. The RSI indicator is in overbought zone.

Trading recommendations: Put buy orders when the GBPJPY does a breakout at the resistance level of 173.03 with take profit at the level of 173.50.

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