dewpoint
Short

GJ - update on my take of where we may go next

FX:GBPJPY   British Pound / Japanese Yen
56 2 1
I was expecting this to breakout to the upside last week, but price started to change to the downside, closed out my short term longs, and then price just sliced through the upward support.

I remained neutral, up until today, I have started to open up shorts and looking for the 0.618% fib to be taken out, should this happen, then i will add, i see this going to 136.00, my initial target is 135.57 is a seen as the red dashed line.

At that level, we may then see a bounce, or it may just go down further.

The above said, will be looking at taking out the lows at 138.539, 136,453.

My stop loss is at 140.768.
Trade active: Apology, that should have stated 135.957, and not 135.57.
What is your entry price to go short? 141?
Reply
dewpoint abbyruberto
@abbyruberto, Hello, I'd wait until the 0.68% fib has been retested, that's at 139.652, then a low to say 138.700, at that point look for a possible retrace back to the 50ma. or you could look to enter on a touch of the 50ma, which is currently at 140.55
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