GBP/JPY Potential 200 pip short.

looking at the 4H chart you can see a double top forming, price hasn't closed above the double top since 20th march. I personally don't see this as a valid setup and won't be taking the trade unless we see a strong close below 146.27. looking at the daily chart we could still push further up as Fridays candle has closed quite low so I am anticipating movement within the range box shown between 146.20 & 146.90 before closing below 146.27. I have set two profit targets as I feel price could find support around 144.80 however if we break this area I will be moving my stop loss to 145.70 and letting the trade run risk free.

of course be sensible with risk management especially when trading GBP pairs at the moment as large spikes can easily take us out of trades.

please feel free to like and comment as this is only my second post on Trading view and any feedback is much appreciated.

Trade active:

Price is playing around in the range box as I predicted, found resistance within the box also. I decided to enter this trade as we reached resistance was showing to hold well as I saw it as a good opportunity to increase R:R. however as mentioned previous this could still go against me until we see a close below 146.27.

Trade active:

The double top has just been pinned on the Daily chart. We may see another test of the resistance zone.

Trade active:

146.27 support holding well at the moment. The 4H candle close below would be an ideal confirmation.

Comment:

the 4H candle closed at support however we've had a 1H bearing engulfing candle so hopefully we'll continue to see this pair fall throughout the afternoon.

Trade active:

Theres the break on the 1H timeframe.

Trade active:

We're seeing very slow movement in the right direction I'm looking at 145.7 as the next area of support if we break this area we could see a pull back before meeting the 1st target.

Trade active:

TARGET 1 REACHED.

Trade closed: target reached:

Target 2 reached.