The area around the WR1 (192.52) pivot both last week and this week has been a bridge to far for GBP/JPY BULLS.
I've shorted this pair 4x this week and we're back at the pivot once more.
Yesterday saw a massive sell off in the early hours and this looked like it was the end for GBP/JPY BULLS but amazingly they've recovered all lost ground and the price is pushing this WR1 level once again.
Although nothing in forex is certain, its recognized that history repeats itself and if SELLERS are waiting for the price to hit a certain level then its likely that they'll jump in again if/once the price reaches that level.
Whilst we a re still waiting for a BEARISH signal on the mid time frames (15m, 30m and H1) the M5 is clearly BEARISH on RSI, MACD and Andean Oscillator and the current H1 candle looks like its going to be a pinbar which would be a BEARISH candle particulalry as this comes at known and proven resistance.
So I'm SHORT again and looking for an intermediate target at 191.97 (WM3 pivot and 200 EMA) but its entirely possible we may see another mass sell off like yesterday once price dips under 192.20 area so if this trade does take off then momentum will determine wheh we can take profit.
It has to be remembered that the persistency of GBP/JPY BULLS means we cannot rule out another attempt by the BULLS to drive the price higher but with 192.62 having been successfully defended 7x over the last 2 weeks its hard to see how this key level can be broken in the absense of further news.
Interesting to note that the GBP Retail Sales came in red (0.0% actual 0.3% exp) which didn't seem to make any lasting difference to the direction this pair was headed from 01:00 this morning so there's clearly still agreat deal of BULLISH sentiment around still.
I've shorted this pair 4x this week and we're back at the pivot once more.
Yesterday saw a massive sell off in the early hours and this looked like it was the end for GBP/JPY BULLS but amazingly they've recovered all lost ground and the price is pushing this WR1 level once again.
Although nothing in forex is certain, its recognized that history repeats itself and if SELLERS are waiting for the price to hit a certain level then its likely that they'll jump in again if/once the price reaches that level.
Whilst we a re still waiting for a BEARISH signal on the mid time frames (15m, 30m and H1) the M5 is clearly BEARISH on RSI, MACD and Andean Oscillator and the current H1 candle looks like its going to be a pinbar which would be a BEARISH candle particulalry as this comes at known and proven resistance.
So I'm SHORT again and looking for an intermediate target at 191.97 (WM3 pivot and 200 EMA) but its entirely possible we may see another mass sell off like yesterday once price dips under 192.20 area so if this trade does take off then momentum will determine wheh we can take profit.
It has to be remembered that the persistency of GBP/JPY BULLS means we cannot rule out another attempt by the BULLS to drive the price higher but with 192.62 having been successfully defended 7x over the last 2 weeks its hard to see how this key level can be broken in the absense of further news.
Interesting to note that the GBP Retail Sales came in red (0.0% actual 0.3% exp) which didn't seem to make any lasting difference to the direction this pair was headed from 01:00 this morning so there's clearly still agreat deal of BULLISH sentiment around still.
Trade active:
STOP moved to +20
Trade closed: target reached:
191.31 target reached for +130 pips.
Anyone who didn't make money out of GBP/JPY this week then go back to school and learn about support and resistance.
Anyone who didn't make money out of GBP/JPY this week then go back to school and learn about support and resistance.