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barry_fxtrader

GBPJPY POTENTIAL SHORT

Short
British Pound / Japanese Yen (FX:GBPJPY)  
barry_fxtrader  
FX:GBPJPY   British Pound / Japanese Yen
GBPJPY gbpjpyshort Fibonacci Fibonacci Retracement structure Support and Resistance trend Trend Lines trendtrading riskreward poundyen short SELL pound yen
3
0
gbpjpy gbpjpyshort fibonacci fibonacciretracement structure supportandresistance trend trendline trendtrading riskreward poundyen short sell pound yen
Here is some simple break-retest analysis.

I would like to see a retest of the bottom trendline and further bearish confirmation for a short position on this pair.

Confluence added to the analysis with a fibnoacci retracement of around 61.8 - 76.4%.

Risk reward will be 3:1 on this trade if it retraces the correct amount.
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