GBPJPY: Price At Long Term Downtrend, We Watch For Shorts

Short

British Pound / Japanese Yen (FX:GBPJPY)

Updated

FX:GBPJPY British Pound / Japanese Yen

GBPJPY

gbpjpy

Price has beem moving into a corrective structure (triangle) after a sharp impulsive move to the down and is now testing a long term downtrend. At that level we may start looking for a sell setup based on our strategy. I will personally use a downsloping median line set and watch for a rejection at the upper parallel of the set.

Comment:

Price has broken way above the long term downtrend. So this idea is invalidated. Most likely we should have a correction and we may then watch for buy setups. This is a great example why would should always wait for a setup to complete and not just enter blindly only because price is about to go where we believe it should go. We move on

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