Xin

Rectangle / Double Top Play

FX:GBPJPY   British Pound/Japanese Yen
68 1 0
In this trade we can play it a few ways. Break the Rectangle and aim for the rect height as take profit levels (break up/break down) alternatively if US budget/debt issue worsens YEN is the RISK OFF trade then perceive this as a double top .

Breakout:
In either case look for a clear break of the rectangle before making the breakout trade.

Playing the bounds:
If playing inside the rectangle use fib levels as targets & trade with the short term bias.

Risk ON Switch:

*There is the risk of US debt/budget resolution that would RISK ON (weak Yen).
Xin
3 years ago
Took profit on the break lower closed at 158.8 (resistance line from 13th).
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