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Lucas: Looking to buy GBPJPY

Steve Lucas from 3C Analysis is looking to buy GBPJPY.

There have already been some big moves in 2015 and while Steve has been bearish of sterling and bullish of yen, he now thinks consolidation is likely occur because European equites have stalled. Therefore Steve sees the potential for bounces in some of these markets and a chance for GBPJPY to temporarily recover.

According to Steve there is no clear bullish reversal pattern, but there has been buying in Asia this morning with key levels listed below:

– The 100-day average rate

– 178.87, a key 50% pullback to the entire Oct-Dec gains

Steve is buying GBPJPY at market and at 179.80, placing his stop at 179.21 which is today’s low. His targets for this trade are 181.50 and 182.46.

01:01 minutes
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