Doji Forming in Pullback on GBPJPY

Oct 8, 2014

GBPJPY pulls back to the 50 SMA, and the 61.8% Fibonacci retracement level from the recent swing low to swing high. And it's forming what looks like a doji candlestick pattern. I'm also seeing some signs of GBP strength, namely against EUR and AUD, so I figure there are enough signs in place to take a shot on this one. I'm set to go long at 173.73, with my stop at 172.33 and my target profit at the recent high at 178.48.

Continue your trading education: informedtrades.com