UnknownUnicorn772665

GBPJPY Short Trade *Price Resistance Zone*

Short
FX:GBPJPY   British Pound / Japanese Yen
I recently shared a potential short trade for GBPUSD and having looked at the GJ chart, i believe trading Pound against the Yen is a better trade opportunity.

Not only is price rejecting the 135.500 resistance level right now but I believe removing USD from the trade will help in regards to reducing potential volatility and market chop. As we know, the US markets are seeing extreme influences from governments and the public.

135.500 resistance needs to hold strong on the 4hr chart for the short trade to be entered.

From there I would want price to break the 4hr 50EMA and bullish TL (on the chart). If this occurs then I believe we will likely see an expanding wedge pattern form and price to make new lower lows at 128.00. This is marked on the chart.

If the 135.500 zone is broken to the upside then a break and retest, long trade is ideal. I will update if this happens
Trade active

Comments

I think I got this one wrong. Over the last few months GBP has been very hard to trade.
+1 Reply
@morse, you aren't the only one mate. FX is confusing and volatile right now, fundamentals hard to read as well.
Reply
It’s broken that seems very bullish now , hopefully a retest to go long
+1 Reply
@morse, Yes I agree mate. This level was also going to provide some reactions in either way :)
Reply
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