Short GBPJPY Longterm Based on Daily + Weekly Charts. 500+ Pips

We went long on GBPJPY from 140 to 147 and now we have the opportunity to short this pair back down to the trend line. We can see the price has re-tested the 147 resistance line again, making it the third test in 8 months, which meets the requirements of a possible triple top. In order for this to become a valid triple top, we need to wait for price to break below the support level.

I will be monitoring this pair on multiple time frames.

This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.

Please comment below and Like if you agree with my analysis.

Trade active:

After a great start to my trade yesterday. We saw price rally up against us this morning and has since dropped back down below resistance level. Currently floating in 45 pips profit.

Trade active:

Closed 1 position today with 230 pips profit. Moved second position to break even.

Comment:

Currently 513 pips profit on my second position!!
I am trailing my stop loss now.

Trade closed: target reached:

Closed the second position now for 466 pips profit. May re-enter on a pull back. Banked a total of 696 pips on this trade :)

Comment:

Although I closed this trade to bank profits. I'm still waiting for the break of this current major support level and from there if conditions are correct, I will be entering short again.

However, please bare in mind we have a bullish cypher completing it's D-leg on the related idea so as always, trade with caution.

Order cancelled:

Broke to the upside instead.