GBPJPY - [Potential] Short Idea - Multiple reasons
This pair hit some daily resistance and has now broken out of a consol before forming some higher highs and higher lows. My prediction is that we will be testing the 145 mark so I am on the lookout for shorting opportunities.
There are multiple shorting reasons aligning near the 148 mark :
AB=CD completion
Bearish bat completion
Upper zone of a downtrend channel.
some fibs
Most importantly, the 148 mark and all above shorting reasons are within shorting structure giving us a very nice spot to place stops.
T1 is placed at a retest of most recently formed lows and T2 is placed within previous structure where our ultimate destination of 145 (my opinion) is located.
I do not think this pair will get all the way up there as yen is quite strong atm but if it does, orders are already placed and waiting.
There are multiple shorting reasons aligning near the 148 mark :
AB=CD completion
Bearish bat completion
Upper zone of a downtrend channel.
some fibs
Most importantly, the 148 mark and all above shorting reasons are within shorting structure giving us a very nice spot to place stops.
T1 is placed at a retest of most recently formed lows and T2 is placed within previous structure where our ultimate destination of 145 (my opinion) is located.
I do not think this pair will get all the way up there as yen is quite strong atm but if it does, orders are already placed and waiting.
Comment:
no longer valid as T1 region has been hit