FX:GBPJPY   British Pound / Japanese Yen
62 0
Possible short trade on GBPJPY

Price broke the Daily uptrend line to commence downtrend and start a fib pattern

Price then reversed at the 0% FIb which was roughly confluent with Daily/Weekly support and resistance

It retraced all the way to the 61% fib level before finding resistance and continuing back in downtrend

First target is the 0% Fib level at 181.440 which is roughly confluent with Daily/Weekly S&R

Second target is around 171.921 which is confluent with weekly S&R

Stop Loss at 183.092

Risk/Reward - 1/3.87

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