SPONGE
Short

GBPJPY TRIANGLE! LETS PLAY FIND THE STOPS!

FX:GBPJPY   British Pound / Japanese Yen
23 0 2
Hey guys!

Have a triangle forming on GBPJPY            
EMA is pointing down on 15 mins and turning on 1hr.

We have a large collection of resistance forming indicators at 184.500 so I think price will bounce off here and drop down to 184.00

This is where the fun will start. Just below 184 I am picking there is an accumulation of stops, If price penetrates this level these stops will all go to market and send price downward. (see the blue square for location of stops)

Would suggest putting a short entry just below 183.9, or entering short at about 184.400-500 and hold on for the ride. See where it takes ya! If 184 doesn't break at or before london open, I would be wary! 183.9 is also strong support so be careful.

Make sure you check for news too!

C ya!

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