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Trader856

POTENTIAL SELL ON GBPJPY - DECENDING CHANNEL FORMATION

Short
British Pound / Japanese Yen (OANDA:GBPJPY)  
Trader856 Updated   
OANDA:GBPJPY   British Pound / Japanese Yen
Trend Analysis Chart Patterns Technical Indicators Trend Line Break Forex decendingchannel Bearish Patterns GBPJPY gbpjpyshort
5
0
trendanalysis chartpattern indicator trendlinebreak forex decendingchannel bearish gbpjpy gbpjpyshort
As can be seen from the chart price has failed to break yesterdays high. Assuming this rejection follows through then this trade can potentially be extremely rewarding. Moreover, a descending channel has clearly formed on the lower time frames indicating a possible continuation to the down side. The previous idea ought to be disregarded due to the change in market structure. However, I intend to still look for buy trades on this currency pair in the foreseeable future.

*NOT FINANCIAL ADVICE, MERELY AN OPINION*
Comment:
Stop loss price : 167.600.
Trade closed manually
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