GPBJPY-H4-multiple rejections form 195.000

FX:GBPJPY   British Pound / Japanese Yen
705 7 23
This idea is similar to the GBPNZD             triple top.
We have a double top with divergence visible on D1 chart:

Price is rejecting many times from the strong psycholevel 195.000
We can enter short here on H4 chart to have a better R/R ratio

Same view.
+1 Reply
i disagree. fundamentals aren't there . i just closed all my GBPXXX. CPI comming stronger for UK despite oil very strongly down and housing market also in bublicious teretories . and because uk follow us GBPXXX==USDXXX just dont worth it doubling down you exposure to go short againt top performing G7 countrys !!!
Thanks for sharing your ideas, this is a short term techcnical setup. Market does follows fundamentals but also makes technical pullbacks, we should combine both. Long term my bias is also long because of expected rate hike, but now the price is oversold and needs a deeper technical pullback.
FullTimeTrader FullTimeTrader
I should say "the price is OVERBOUGHT"
Entered this trade! Pulled +75 PIPs from it yesterday from the last leg! Hope it replicates now! Good work Sir!
FullTimeTrader SmartTradingFX
Good done! Yes, it seems price finally will make a deeper correction. Regards.
+1 Reply
SmartTradingFX FullTimeTrader
Thank you sir for your kind words! My initial target is the 194 even handle but may adjust it a touch lower as we have dipped below this previously
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