ScottRyder

GBPJPY Short 1 Hr Chart

Short
FX_IDC:GBPJPY   British Pound / Japanese Yen
GBPJPY is currently retracing to the 61.8 fib from in its downtrend, i am also a fundamental trader so i will be looking at UK results this morning at 9:30 am to asses whether we will be entering the trade, we will also be looking at the hourly candle close at 10 am, we may miss a few pips doing this but it reduces risk substantially, i believe at the moment it is not respecting the resistance line giving me an indication to go short.

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