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Short

GBP/JPY analysis - favourable short opportunites

FX:GBPJPY   British Pound / Japanese Yen
Starting with the weekly chart on this pair, we can see that we are currently in a declining tend zone. having recently rejected a break out of the roof of the zone, we have our first confluence that we are looking for short opportunities. We then drop down to the daily timeframe where we can see that price may be coming back up for a retest of the 142.83 level which has proven in previous tests to be a strong level and so here we have our second confluence and first potential short entry point where we will be able to have our tightest stop loss maybe 15-20 pips above the entry price. If we now drop lower to our 4 hourly timeframe we can now see that price has formed a new smaller declining trend zone and has adhered nicely in previous tests of its walls, so we can now wait for price to pull back to this upper wall and look for our second potential short entry point. Furthermore, we have a minor esistance level which may prove to have significance if price tests at 142.51, therefore around this level we could also look for bearish signals for our short opportunity. Upon taking the short on this pair I would place my profit target at the 140.75 level as this is a key level which is yet to be tested for quite some time. However, if price pushes higher and upside becomes favourable, then on this pair we could potentially see levels of 145.70 which is a previous strong daily level.
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