GBP/JPY Trade Setup: Strategic Short PositionGBP/JPY Trade Setup: Strategic Short Position
Entry: Sell at 200.40
- Rationale: The price is at a major resistance level across all timeframes, indicating a strong potential for a reversal.
Stop Loss: 200.92
- Rationale: Positioned just above the resistance level to protect against upside risk.
Take Profit: 199.69
- Rationale: Targeting the previous support level where we expect the price to bounce back up.
Market Context:
- The price is currently testing a significant resistance level across multiple timeframes, increasing the likelihood of a downward correction.
- The stop loss and take profit levels are clearly defined on the chart for precise risk management.
Strategy:
- Watch for confirmation of a reversal from the resistance level before entering the trade.
Good luck with your trades!