FX:GBPJPY   British Pound / Japanese Yen

Based on the daily chart - we are swinging down to a new low (be it higher or lower) after two complete long swings that took more than a couple of weeks.

I took a short trade, placing my stop at a minor resistance level - compiled both from price action on the left and the last fib retrace of .618%

My long term TP will be the bottom of the swing, while my first TP and trail stop is at RR 1:2 as my base rule for taking trades - it also complies with the markets support level at the same point.

Best of luck


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