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Mogwaison40

Potential Short Opportunity GBP/JPY - Market Reaches S/R Area

Short
British Pound / Japanese Yen (FX:GBPJPY)  
Mogwaison40 Updated   
FX:GBPJPY   British Pound / Japanese Yen
Trend Analysis Technical Indicators
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trendanalysis indicator
Looking for a short entry reason as GBP/JPY enters into former support now turned resistance in the area of 147.00 - 147.35. On the daily time frame, the GBP/JPY is trending lower making a series of lower highs and lower lows. Potential targets on this trade idea are listed as (1) Target = 146; (2) Target = 144.85; & (3) Target = 143.70. Stop loss for this trade idea will be triggered on price action above 147.75. Looking at the 4HR and 1HR time frames to enter the market on selling pressure. This trade idea offers a potential Reward:Risk ratio of 3.4 at (1) Target, 6.29 at (2) Target and over 9 for (3) Target.
Trade closed: target reached:
(1) Target has been reached on this trade. Half of the original position has been closed out. The remaining position will be held to (2) Target with SL moved to BE point.
Trade closed: target reached:
(2) Target has been reached on this trade. The remaining position has been closed out.
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