GBP/JPY Short trade idea with previous Head & Shoulders pattern

FX:GBPJPY   British Pound / Japanese Yen
GBP/JPY             currency pair is back on it's previous neckline support level which is now acting as an ressistance, 172,4-6 level should provide another leg down if that scenario is fine.

That trade should be well supported by money flows into Japeness Yen with all the geopolitycal tensions, especially thoose at east Ukraine.

Technically speaking 172,4-6 level worked as an support/ressistance so many times that it's just to good not to try an short here ;) There's also another view at this trade which would be to go short IF the price breaks below 171,9 green marked zone to the downside. Standard aproach is to go short at market price now with an 2 possible Stop Loss levels. The one presented on the chart is the safe one, just above last swing high. But for a better R;R ratio Stop Loss can be placed just above 25 August highs at 172,7 level, but that can be taken out by a small price pop up.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out