Here's some thought on the GBPJPY
the GBP has had a tough morning with bad news pouring in and out of the chart. This has lead me to stay out of some trading for a while, but this right there seems like a valid point of entry for some cash out. MACD crossed the 0-level, RSI overbought and already indicating some reversal of momentum. Lastly, the overall movement of the channel is bearish, with some resistance on the edge to be just hit, whilst also showing Bollinger Down. All signs in sync, I'd be surprised if I was wrong...
the GBP has had a tough morning with bad news pouring in and out of the chart. This has lead me to stay out of some trading for a while, but this right there seems like a valid point of entry for some cash out. MACD crossed the 0-level, RSI overbought and already indicating some reversal of momentum. Lastly, the overall movement of the channel is bearish, with some resistance on the edge to be just hit, whilst also showing Bollinger Down. All signs in sync, I'd be surprised if I was wrong...
Trade closed: target reached:
Time to close it up. Classic Fibonaci retracement ;)