GBP/JPY is currently trading at 189.962, showing signs of potential downside momentum. Here's a concise breakdown:
1. Technical Levels: - Current Price: 189.962 - Retest Zone: Keep an eye on the 190.050 level for a possible retest. - Downside Target: Targeting the demand zone around 188.884 for potential support.
2. Trade Setup: - Short Opportunity: Consider short positions if price confirms resistance near 190.050. - Risk Management: Set stop-loss orders above the retest level to manage risk. - Profit Target: Aim for the demand zone at 188.884, adjusting based on price action.
3. Market Context: - Monitor GBP and JPY-related news for potential catalysts driving price action. - Assess broader market sentiment and risk appetite for additional insights.
4. Trading Approach: - Exercise patience and wait for clear confirmation before entering trades. - Stick to your trading plan and remain disciplined throughout the trade.
5. Adaptation: - Stay flexible and adjust your strategy as new information becomes available. - Be prepared to reassess if price action deviates from the anticipated scenario.
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