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GBP/JPY: Trade idea for September 9

   Felipe Erazo

During the start of the week, the GBPJPY opened with a bearish gap below the 500 EMA. Now the GBPJPY is trying to form a bullish pattern above the support level of 170.65, where is located the 38.2 Fibo retracement level.

However, the GBPJPY could carry out a pullback on the resistance level of 171.05 to fall up to the support level of 169.34. So this pair manages to make a breakout at that level, the next target would be the support level of 167.61. The RSI indicator stays in positive territory.

Trading recommendations: Put sell orders at current levels with take profit at the support level of 168.92 or if this pair does a breakout at the support level of 168.92 with take profit at 167.61.

JPY
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