GBP/JPY - Big Move coming but please WAIT
GBP/JPY
So, JPY is getting hammered today and the Pound is having a solid day so far.
The pair is fast approaching a key zone of Resistance (139.250 area)
As per the chart, price has been rejected from this area multiple times (which would suggest a short) - but as the saying goes 'triple tops rarely hold'
I feel it is a little too early to say what this pair will do just yet.
Personally my preference will be to enter a small short @139.250ish TP = 138.025 / SL= 139.590 to give a RRR of 4.10
If we get stopped out that is fine, we will then look for the bigger move to the upside if price breaks through the support in a more solid manner.
So, JPY is getting hammered today and the Pound is having a solid day so far.
The pair is fast approaching a key zone of Resistance (139.250 area)
As per the chart, price has been rejected from this area multiple times (which would suggest a short) - but as the saying goes 'triple tops rarely hold'
I feel it is a little too early to say what this pair will do just yet.
Personally my preference will be to enter a small short @139.250ish TP = 138.025 / SL= 139.590 to give a RRR of 4.10
If we get stopped out that is fine, we will then look for the bigger move to the upside if price breaks through the support in a more solid manner.
Comment:
I hope you all took this trade! Worked out beautifully so far, Im probably going to take partial profit here, as I was able to enter the trade a little higher than expected (139.324)
Comment:
It was giving an error when I was trying to update earlier - so I posted a comment -
back in the trade now at 139.525
back in the trade now at 139.525