ibrolaktradingllc
Short

GBPJPY SHORT STRUCTURE RE-TEST

FX:GBPJPY   British Pound / Japanese Yen
74 1 1
On 13th Jan, 2014 the structure 170.39 was broken.
Price immediately traded back above this structure failing to make a new high.
On 24th Jan, 2014 this structure was broken again.
Price again traded above the structure and again failed to make a new high creating a pullback zone of 171.440.
The structure was broken again on 29th of Jan with more success creating a new structural low of 164.27.
We now see price coming back to the pullback zone of the 171.440,
failure to trade above this point is a big sell signal which could take us to 164.27.
NOTE: This set-up is only valid if price is unable to take the 171.440 area.

A quick update, as we can see the 171.44 is acting as we expected. Price moved above due to BOJ whatever we see how quickly it reversed below this point. I will not be surprised if we see another try of the area before finally taking out the 170.39. We need to see a momentum move to confirm this structure has been broken which should take us lower. GL
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