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)
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