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EireTrade-Capital-Management

GBPJPY SHORT

Short
British Pound / Japanese Yen (FOREXCOM:GBPJPY)  
EireTrade-Capital-Management Updated   
FOREXCOM:GBPJPY   British Pound / Japanese Yen
Trend Analysis Chart Patterns Technical Indicators GBP jpy gbpjpyshort fibonnacci breakdowntrading reward trendtrading
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trendanalysis chartpattern indicator gbp jpy gbpjpyshort fibonnacci breakdowntrading reward trendtrading
A good opportunity to short. there is a nice downtrend forming as the price has broken out of the April range. A retracement to former support (MAGENTA HORIZONTAL RAY) also coincides with the 0.382 Fib and the S1 monthly pivot point. the COT data also shows speculators getting shorter on the pound and longer on the yen which can clearly be seen in this weeks price action.

If you have any ideas supporting or on the contrary to my opinion please leave a comment.

thanks and happy trading

note: I am already short the pound in the form of a long EURGBP trade so I may only enter if that trade moves in my favour as I do not want to be over exposed to the pound, but I am definitely bearish.
Comment:
Almost there, will look for a swing high at the resistance level and then go short.
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