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Tuesday, June 20, 2017

GBP/JPY: Long Position for a Short Term

There is a chance to open a Long Position for a Short Term Period on GBP/JPY. 

The currency pair seems to follow its bullish trend for about two weeks already. And it will remain the same for today.

Shall GBP/JPY reaches 141.31 there is a big chance for the pair to continue its move up to 141.78. 

The yellow area would be the target to move for the pair today. Once GBP/JPY reaches 141.310, I recommend you to open your Parabolic SAR indicator and to see whether it can go up to 141.787 or not. 

If Parabolic SAR remains Bullish, then you can use trailing stop strategy in order to get more profit. However, if Parabolic SAR switches side then it is better to get out of the market and take your profit at around 141.310.