I am currently looking at this zone to start selling the GBPJPY pair.
Why?
GBPJPY has increased by 8% in this latest push and a 10% total increase is easily reachable. Over the last 355 days GBPJPY from low to current has increased by around 20.4% which is a big move. The MACD indicator is now starting to move above the MACD histogram, what normally happens here is a push above the histogram which is why the reversal area is at least another 150 pips away. When it pushed into that zone is the time to take a sell position. My target for now on a short would be around 147.50.
Comment
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Boom! price hit exactly in that range and declined. If you entered the trade lets keep hold and see where we get!