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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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Forex Indices Commodities Japanese yen Gold VIX

Written by

Axel Rudolph

Axel Rudolph

Market Analyst

Publication date

(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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