GBPJPY offers a good risk/reward short trade this week
Monthly: In a large descending triangle formation that offers a downward bias. Since posting a Hammer base in October 2016 trading has been mixed and volatile, common in corrective sequences. Ichimoku Cloud offers resistance at 156.36
Weekly: Mixed trading for the last 58 weeks has formed a bearish Ending Wedge. On a break of 143.80 the measured move target is 135.60, April 2017 low trade.
Daily: Bearish divergence can be seen on the daily chart (price makes a higher high while the oscillator makes a lower high), often seen before a change of trend. DeMark has posted a 12 count on the daily chart, 13 highlights exhaustion. There is scope for mild buying but, with bespoke resistance seen at 155.36, gains should be limited.
Weekly: Mixed trading for the last 58 weeks has formed a bearish Ending Wedge. On a break of 143.80 the measured move target is 135.60, April 2017 low trade.
Daily: Bearish divergence can be seen on the daily chart (price makes a higher high while the oscillator makes a lower high), often seen before a change of trend. DeMark has posted a 12 count on the daily chart, 13 highlights exhaustion. There is scope for mild buying but, with bespoke resistance seen at 155.36, gains should be limited.
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