GBPJPY - 1h chart shorting progression

FX:GBPJPY   British Pound/Japanese Yen
After the announcement this Friday, GBPJPY             clearly broke many support levels and thus I believe it is safe to enter in a short position.

Expecting pair to retrace before it breaks 158.4 (on the 1h chart its heavily oversold (Note: my RSI bottom is 20).

From my analysis I expect a retrace to the level of 160.0 where it meets a strong RESISTANCE and 0.5 FIB LEVEL! Enter short there as it could be a great entry with low risk and high reward (can be seen from chart).

I do believe the 158.4 level will be broken, however do not underestimate it and keep an eye out, any bounce after the retrace (in my opinion) signals clear rejection and I would TP.

It is worth mentioning that it is not impossible for the pair to directly break 158.4 level so keep an eye out for that as well.

Safe and successful trading!

Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out