GBPJPY SHORT X 2 POSITIONS AS DISPLAYED ON CHART
This is my GBPJPY trade taken 26.04.2018,
First position was taken at 151.70 on the break of bullish daily trendline.
Second position was taken at 150.50 after the hugely bearish fall and then pullback we saw. Which pulled back to the 38.2 fib level.
Take profits were 148.50 and 148.00.
I will now monitor price action as JPY seems to be very strong. I'm expecting a pullback to either 38.2 fib level (150.00) or 50.0 fib level (150.50) and then see a continuation short down to 145.00. This will very much depend how the market reacts to the expected interest rate hike decision being made on 10th May 2018.
First position was taken at 151.70 on the break of bullish daily trendline.
Second position was taken at 150.50 after the hugely bearish fall and then pullback we saw. Which pulled back to the 38.2 fib level.
Take profits were 148.50 and 148.00.
I will now monitor price action as JPY seems to be very strong. I'm expecting a pullback to either 38.2 fib level (150.00) or 50.0 fib level (150.50) and then see a continuation short down to 145.00. This will very much depend how the market reacts to the expected interest rate hike decision being made on 10th May 2018.
Comment:
As you can see my analysis is pretty much playing out to a T. I do however expect this to roll over and go short to 147 potentially 145 now that we aren't expecting a rate hike anytime soon.