GBP/JPY Short Opportunity for a potential of 30 PIPS!!
OVERVIEW:
Yesterday I called a sell trade on GBP/JPY from 140.900 to target 140.340 which ended up being a 55 pip win! As soon as the target was hit the market has spent the current trading day retesting 140.900 break of support as NEW RESISTANCE. There is now another opportunity to go short on GJ as it is coming up to NYSE open which could bring high volume into the market to move to the downside once more towards 140.390.
TECHNICAL ANALYSIS:
This is a nice simple market structure set up, if it plays out well this will be a very easy 30 pip win on top of the 55 pip win earlier today. As you can see GBP/JPY has been moving very strongly to the downside starting from last Friday, continuing on towards this current trading week. Earlier on today there was a break of major support at 140.900, now the market is retesting the area as resistance, I need to see a 1 Hour candle close below 140.900 and for the next candle to break below the previous before entering a sell to target 140.390.
Yesterday I called a sell trade on GBP/JPY from 140.900 to target 140.340 which ended up being a 55 pip win! As soon as the target was hit the market has spent the current trading day retesting 140.900 break of support as NEW RESISTANCE. There is now another opportunity to go short on GJ as it is coming up to NYSE open which could bring high volume into the market to move to the downside once more towards 140.390.
TECHNICAL ANALYSIS:
This is a nice simple market structure set up, if it plays out well this will be a very easy 30 pip win on top of the 55 pip win earlier today. As you can see GBP/JPY has been moving very strongly to the downside starting from last Friday, continuing on towards this current trading week. Earlier on today there was a break of major support at 140.900, now the market is retesting the area as resistance, I need to see a 1 Hour candle close below 140.900 and for the next candle to break below the previous before entering a sell to target 140.390.
Order cancelled:
Market has started to break 140.780 resistance. Bullish candle has closed above 140.780 and a new candle is now breaking the high of the previous candle, this indicates to me that the selling opportunity that I had on GJ, is now invalid and there is now a stronger chance for the market to move to the upside. I will not be trading this move as it is not sticking to my original bias.