GBP/JPY - Great Selling opportunity

FX:GBPJPY   British Pound / Japanese Yen
1448 3
First and foremost let's breakdown each and every confluence we have this pair is most likely bearish .
- Clear descending trendline showing we are in a down trending market
- Previous HL's from a predicted correction move to the upside has been broken showing that we have the intention to have further movement to the downside.
- Blue MA Above price showing we have some indication of a breakout to the downside.
- and the simple yet effective when drawn correctly is the H+S Pattern a nice close below would provide us with a good / very good shorting opportunity to the downside. signal that we will be using is a ''BAR CLOSE'' Some what aggresive but this move isn't something that should be passed up lightly..
As always, Good Luck
This chart is nice.
+1 Reply
DacresFx Lucid.Trader
Thank you
Very nice find and as you mention in your first sentence. Other pairs with GBP as base are also bearish (mainly GBPCHF). The entry is a good place. I'd wait for a clear break and then enter on the retest at around 159.
+1 Reply
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