Nice idea on GBPJPY and there may be bearish bias as you have you have identified. For our set up, we have identified the key resistance and support levels for the short term. The first resistance that we have identified is at 142.84 (100% Fibonacci extension, 23.6% & 38.2% Fibonacci retracement, horizontal overlap resistance), which is above your stop loss zone. Price is approaching its resistance where a corresponding reversal could occur. If a reversal does occur, we may look at the 141.63 support (horizontal swing low support).
Please have a look at our idea and share with us what you think.
Please have a look at our idea and share with us what you think.