GBPJPY 1D ~Short

Hello Traders

Bit of a simple play today in the form of a basic "M" shape playing out on GBPJPY.

As you can see there is some support recently at this level, the price will hopefully rise again to 135.300 before bottoming to create the letter "M".

I'll be waiting until price shows signs of reversal in red ellipsis around 135.300 mark on 1H and 4H timeframe before engaging in a sell.

Please share your views, like and comment and even give me a follow :)

Thanks, Roo.

Please note, I am not a professional trader and do not control the market. These are simple ideas based on what I see and what I have learnt. Please be patient and react to the market, do not try to act for it. Risk is on you if you choose to follow as I cannot be responsible for your Forex account.

Comment:

Midweek now and this pair hasn't broken its major daily support.
Plenty movement downwards in 4H timeframe, looking as though it may not test resistance, however I expect to see more upward before the drop.

4H Chart also shows a small rising wedge mid downtrend and it has broken so hopefully see retest of wedge and drop. Waiting for re-test of wedge support before selling.