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laughingchartist

GBPJPY [1-3 days view]

Short
British Pound / Japanese Yen (FOREXCOM:GBPJPY)  
laughingchartist Updated   
FOREXCOM:GBPJPY   British Pound / Japanese Yen
Trend Analysis Chart Patterns Technical Indicators GBPJPY Forex trading investing Technical Analysis charting thelaughingchartist
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trendanalysis chartpattern indicator gbpjpy forex trading investing technicalanalysis charting thelaughingchartist
Short GBPJPY:
ntry: 147.105
SL: 147.85
TP1: 144.850
TP2: 143.5


  • After a strong rally upwards, we see a divergence between momentum and price. RSI (21) has also crossed into the bearish territory below the 50% level.
  • Shortly after which, market broke below the ascending trendline support (now resistance).
  • Price has also closed below EMA (34) which has acted as a pretty solid support/resistance for GBPJPY
Trade active:
Trade is now risk free.
Stop loss has been trailed to protect profits at 146.850
Comment:
Moved trailing stop lower to further protect profits.
Comment:
1st Target reached. Scaled out to lock in profits.
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28
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