Hi folks,
The GBPJPY has been grind inside a downward wedge for a couple of weeks. The over all trend for the GBPJPY is bearish. I am looking for a break below the shorter term support (little/shorter yellow line on the chart). When/if this level breaks, I will short and place a stop outside the 'main' resistance (somewhere around 142.00 and ride this pair to the bottom of the pattern.
If it sets up, it will be a nice trade.
The GBPJPY has been grind inside a downward wedge for a couple of weeks. The over all trend for the GBPJPY is bearish. I am looking for a break below the shorter term support (little/shorter yellow line on the chart). When/if this level breaks, I will short and place a stop outside the 'main' resistance (somewhere around 142.00 and ride this pair to the bottom of the pattern.
If it sets up, it will be a nice trade.
Comment:
Sorry, chopped the right side of the chart a bit :/
Comment:
I am short with a tight stop. We are at the main resistance area and the JPY is over sold a bit. A bounce is likely here:
Comment:
I will take profits here (about 83 pips). It looks like it will stay in the smaller flag price range. I will still sell a break below support, just as originally planned.
