After a long uptrend GBPJPY is looking to correct. The dip under previous low before closing above is a signal that things might recover in the short term.
I'll be looking to short the retest of the broken trendline. Horizontally, it's a 4 touch support area which is now resistance, making it a perfect place to short.
JXY is currently looking like it's going to recover, which will push GBPJPY down.
The trade will be confirmed if there's weakness above the 0.618 level but below the trendline.
Take profit at nearest trouble area. Nearest big support is around 148.2.
Entry: 151.396
Stop: 151.923
TP: 150.247
R: 2.2
Happy trading:) follow for more
I'll be looking to short the retest of the broken trendline. Horizontally, it's a 4 touch support area which is now resistance, making it a perfect place to short.
JXY is currently looking like it's going to recover, which will push GBPJPY down.
The trade will be confirmed if there's weakness above the 0.618 level but below the trendline.
Take profit at nearest trouble area. Nearest big support is around 148.2.
Entry: 151.396
Stop: 151.923
TP: 150.247
R: 2.2
Happy trading:) follow for more