GBP/JPY SIMPLE SHORT SETUP SUPPORT&RESISTANCE
GBP/JPY is currently at a Monthly Resistance of 145.000. Each time GJ came to this Psychological Number price rejected. Currently GBP/JPY is consolidating between 145.000-144.200. You could Short this now for a 1-1 Risk-To-Reward Ratio but this wouldn't be ideal. This is what I'm waiting for before Shorting this.
-4HR BREAK OUTSIDE OF 144.200
-RETESTING 144.200 PREVIOUS SUPPORT TO TURN INTO NEW FOUND RESISTANCE.
-CLOSURE OF REJECTION CANDLE.
(FIRST TARGET WILL BE AROUND 142.500)
-4HR BREAK OUTSIDE OF 144.200
-RETESTING 144.200 PREVIOUS SUPPORT TO TURN INTO NEW FOUND RESISTANCE.
-CLOSURE OF REJECTION CANDLE.
(FIRST TARGET WILL BE AROUND 142.500)
Comment:
4HR Break has happened. just waiting for a 4her rejection candle to close.
Comment:
Ignore that^ Thought this was GBPAUD.
Here's an updated version of GBPJPY. Looking for it to come to the Downtrend (78.6 fib) and Daily rejection candle to close. There is a chance it will break however, so we will wait for a break and retest on 147.500
Here's an updated version of GBPJPY. Looking for it to come to the Downtrend (78.6 fib) and Daily rejection candle to close. There is a chance it will break however, so we will wait for a break and retest on 147.500