Looking at the indices, the GBP has shown a lot of weakness recently. JPY has also been weak, but is showing signs that it may reverse soon. The pair itself has formed a perfect bear channel, with nice bearish price action, setting up for a nice possible drop. We can place our stop right above the weekly supply zone and target lower resistance.
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For more trade ideas,
Trade closed: stop reached:
The JPY has continued to be weaker than I expected. On the index, JPY has broken daily support, looking to continue down. Time to call a loss on this one and move on.