GBPJPY Sells after US CPI Volume 1hr close below 196.00
As BOE and BOJ are in the mist of changing their monetary policy, I am looking for clues on where to short GJ. I understand that this in not a catching the top type of exercise but a technical analysis where various confluences come into place.
At this moment price is bouncing between the .618 and .50 fib levels from the last high before BOJ currency intervention. I will be looking to short when 3 things happen:
1. Break of structure on the 1hr TF
2. Break of the pullback trendline
3. Close below the .5o fib level
The trade idea is also supported with fundamentals as BOE has already been open aboutt potential rate cuts in June.
At this moment price is bouncing between the .618 and .50 fib levels from the last high before BOJ currency intervention. I will be looking to short when 3 things happen:
1. Break of structure on the 1hr TF
2. Break of the pullback trendline
3. Close below the .5o fib level
The trade idea is also supported with fundamentals as BOE has already been open aboutt potential rate cuts in June.