I've twice banked pips shorting GBP/JPY from the WR1 pivot this week and as can be seen the price is back at this level.
We have a nice tweezer double top on H1 for the previous 2 candles and as SELLERS are clearly prepared to move into this market from this level, it looka good SHORT opportunity.
However.
The Andean Oscillator is not yet clearly giving a SELL signal.
The green BUY line has slipped under the signal line (.656 signal line/.647 green BUY line) but the red SELL line remains ar zero on H1 although it is above zero on the 15M
MACD on 15m has the fast MA moving beneath the slow which is a BEARISH sign.
RSI has been in high 60's and is gradually declining.
This trade is RISKY!!!
We do not have enough signals to confirm that this pair is headed lower but as we've seen SELLERS enter the market twice this week, the expectation is they may enter again.
It should be noted though that the GBP C.P.I. print came out in green and this has boosted all GBP pairs. This was 4 hours ago however and all BULLISH momentum has stalled.
We have a natural STOP on this trade at 192.86 so its a cheap trade at only 15 pips.
Target is 200 EMA at 191.87 though the price of this pair has been bouncing around all week so the trade will have to be carefully managed in order to maximise any gains.
We have a nice tweezer double top on H1 for the previous 2 candles and as SELLERS are clearly prepared to move into this market from this level, it looka good SHORT opportunity.
However.
The Andean Oscillator is not yet clearly giving a SELL signal.
The green BUY line has slipped under the signal line (.656 signal line/.647 green BUY line) but the red SELL line remains ar zero on H1 although it is above zero on the 15M
MACD on 15m has the fast MA moving beneath the slow which is a BEARISH sign.
RSI has been in high 60's and is gradually declining.
This trade is RISKY!!!
We do not have enough signals to confirm that this pair is headed lower but as we've seen SELLERS enter the market twice this week, the expectation is they may enter again.
It should be noted though that the GBP C.P.I. print came out in green and this has boosted all GBP pairs. This was 4 hours ago however and all BULLISH momentum has stalled.
We have a natural STOP on this trade at 192.86 so its a cheap trade at only 15 pips.
Target is 200 EMA at 191.87 though the price of this pair has been bouncing around all week so the trade will have to be carefully managed in order to maximise any gains.
Trade active:
STOP moved to +20
Trade closed: target reached:
100 pip target reached - trade closed