GBPJPY - Bearish retest

OANDA:GBPJPY   British Pound / Japanese Yen
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


Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out