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Trade Idea: Sell GBPJPY as it is time for profit taking.
3CAnalysis trader, Steve Lucas is looking to short sterling yen on Wednesday. Lucas believes that this pull back is temporary profit taking and that is the case until last low at 156.86 is broken. Steve says the market has the potential to temporarily move higher on the open, so his call is to sell modestly and then add to it at 158.09 - which is Wednesday’ Asian high.
Steve has put a stop loss at 158.56, with 156.86 as a key target, and 154.90, the 2 week base.
01:18 minutes
Tags: 3canalysis, asianmarket, currencies, currency, forex, gbpjpy, japan economy, jpy, markets, profits, saxo bank, saxo tv, sterling, steve lucas, trader, tradingfloor.com, uk, uk economy
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