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CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.
CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

Trading the trend: long GBP/JPY

GBP/JPY looks to be resuming its ascent which is why we would like to go long the cross with a stop loss below recent support at ¥189.95 and an upside target around the ¥200.00 mark.

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(AI Video Summary)

Previous VIX trading outcome

In this week's "Trading the trend" episode on May 8, 2024, Axel Rudolph discusses his previous financial strategies of successfully shorting the VIX at 17.14, closing the position around 14.50 for profit, and reconsidering a short position in the euro against a strengthening trend. A long position in gold initiated at $2,285 showed promise, with a tightened stop loss to minimise risk.

This week's trading opportunity

This week's current trading recommendation involves going long on the GBP/JPY pair, aiming for an upside target around the ¥200.00 mark, supported by a stop loss of ¥189.95, capitaliaing on the pair's upward momentum.


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