price_surfer

GBPJPY dips to support zone

Long
OANDA:GBPJPY   British Pound / Japanese Yen
GBPJPY price has dipped down to a support zone that has held all year.

This offers decent risk/reward by playing a move back up to 158 with a stop below the support zone at 148. 40

Risking 1% and looking at taking some profit around 157 ahead of the high at 158

Historically JPY pairs are correlated to the equity markets so hoping to see the drop in equities slow down with buyers coming in to end the month of December and the year at higher prices
Comment: Stopped out of the first attempt seen on the original post once price rallied then came back to my break-even stop

Currently in two positions using this support area theory. Looking to add a third