GBPJPY shows signs of weakness | Feb 2, 2022
On early January 2022, GBPJPY formed bearish confirmation patterns that soon confirmed by a descending channel. By Jan 24, 2022, this pair retraced back until today to its 61.8% Fibonacci, wiping out the impulsive downward trend since Jan 20, 2022.
Between 61.8% and 50% Fibonacci retracement usually sits a supply or demand zones. Since Jan 31, 2022, GBPJPY showed signs of weakness that occur in this zone, indicating further downward likely to happen soon.
We entered the trade on Feb 1, 2022, 14:00 UTC. Sell price at 154.754, stop loss is at 70 pips, or just above the latest swing high. RR ratio is 1:2.5.
Between 61.8% and 50% Fibonacci retracement usually sits a supply or demand zones. Since Jan 31, 2022, GBPJPY showed signs of weakness that occur in this zone, indicating further downward likely to happen soon.
We entered the trade on Feb 1, 2022, 14:00 UTC. Sell price at 154.754, stop loss is at 70 pips, or just above the latest swing high. RR ratio is 1:2.5.
Trade closed: stop reached:
Hit stop loss, pushed by bullish movement of GBP, but I will keep a bearish view until get confirmation otherwise.