Technical Analysis on Gbp/Jpy

The Gbp/Jpy is currently in a trading range on the daily chart. The market is in a period of indecision and this pair will continue to rise or drop below. The current pattern on the daily chart is an ascending triangle. The top of the triangle is a key resistance area at 146.00.

The bottom of the triangle is currently around 143.00. Soon there will be a breakout of this price on the daily time frame. When the break out occurs it will a good idea to make a trade in the direction of the break out as that is a good trading strategy.

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You can see from looking at the daily chart that the price is looking to break out soon. So us as traders need to be observant and ready to move and make a trade when the break out occurs. Make sure that you use stop losses and use proper risk management when making trades.

Sometimes news will push a trade out of the triangle, to stay on top of all the forex news read Forex Crunch.

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