Greetings Traders,
Price action for GBPJPY has a strong indication that a sell is about to be underway to finish the week and lead off into next week. At the end of last week price had a false breakout of the channel in blue, this daily pin bar comes not only at a key level, but shows a partial decline within the channel.
There is always the potential for the market to break the topside...however the advantage is clearly with the bears at this point and I will be looking for short term sells to the lower support of the channel first and second to the trend line support starting all the way back in October of 2014. Should this level break, we could very well see a retest of a very significant 175 level, but let's not get too far ahead of ourselves for the moment, let's take it one step at a time.
Entry at market - Sell
Stop loss 188.00
Target 183.26
Target 2: 180.80
Target 3: 175.50
Please do your own analysis before entering a trade. If you like what you see feel free to ask questions, comment, "like" or follow.
Price action for GBPJPY has a strong indication that a sell is about to be underway to finish the week and lead off into next week. At the end of last week price had a false breakout of the channel in blue, this daily pin bar comes not only at a key level, but shows a partial decline within the channel.
There is always the potential for the market to break the topside...however the advantage is clearly with the bears at this point and I will be looking for short term sells to the lower support of the channel first and second to the trend line support starting all the way back in October of 2014. Should this level break, we could very well see a retest of a very significant 175 level, but let's not get too far ahead of ourselves for the moment, let's take it one step at a time.
Entry at market - Sell
Stop loss 188.00
Target 183.26
Target 2: 180.80
Target 3: 175.50
Please do your own analysis before entering a trade. If you like what you see feel free to ask questions, comment, "like" or follow.
