My view of GBPJPY. Potential short opportunity.
I expect the price to come back up to mRA (minor Resistance Area), where our entry is (152.239). Stop Loss is above MRA (Major Resistance Area) at 153.465. From there I believe the price will get back down to respect the downtrend and head down to our PBA (Pullback Area) at 150.727. From there we either A: Break the PBA to the downside or B: Bounce back up from it. A break of the PBA would be our confirmation that we are heading down to our Take Profit 1 which is at 149.202. UK GDP q/q release is on 30th of September 2021. If the release is positive, that should trigger our order.
PARAMETERS
- Entry: 152.239
- SL: 153.465
- TP 1: 149.202
- TP 2: 148.466
KEY NOTES
- Entry at mRA (minor Resistance Area).
- Break above our Stop Loss would result in breaking the downtrend structure.
- PBA is a key level with 2 possible outcomes.
- UK GDP q/q release on 30th of September 2021.
Happy trading!
I expect the price to come back up to mRA (minor Resistance Area), where our entry is (152.239). Stop Loss is above MRA (Major Resistance Area) at 153.465. From there I believe the price will get back down to respect the downtrend and head down to our PBA (Pullback Area) at 150.727. From there we either A: Break the PBA to the downside or B: Bounce back up from it. A break of the PBA would be our confirmation that we are heading down to our Take Profit 1 which is at 149.202. UK GDP q/q release is on 30th of September 2021. If the release is positive, that should trigger our order.
PARAMETERS
- Entry: 152.239
- SL: 153.465
- TP 1: 149.202
- TP 2: 148.466
KEY NOTES
- Entry at mRA (minor Resistance Area).
- Break above our Stop Loss would result in breaking the downtrend structure.
- PBA is a key level with 2 possible outcomes.
- UK GDP q/q release on 30th of September 2021.
Happy trading!