Trade Idea: Short GBP/JPY Current Price: 189.400
Trade Rationale:
Technical Analysis:
The GBP/JPY pair is currently trading at 189.400, near a significant resistance level.
Multiple attempts to breach this level have been met with rejection, signaling potential weakness.
Key Levels:
Resistance: The current price level acts as a strong resistance, making it an attractive entry point for a short position.
Support: Initial target set around the 187.00 level, with further potential downside towards 185.00.
Fundamental Factors:
Keep an eye on any relevant economic developments, especially those impacting the UK and Japan. Monitor for any unexpected news that could influence market sentiment.
Disclaimer: Trading involves risk, and this analysis is not financial advice. Please conduct your own research and consider your risk tolerance before making any trading decisions.
Remember to stay informed about market developments and adapt your strategy as needed. Always use proper risk management to protect your capital.
Trade Rationale:
Technical Analysis:
The GBP/JPY pair is currently trading at 189.400, near a significant resistance level.
Multiple attempts to breach this level have been met with rejection, signaling potential weakness.
Key Levels:
Resistance: The current price level acts as a strong resistance, making it an attractive entry point for a short position.
Support: Initial target set around the 187.00 level, with further potential downside towards 185.00.
Fundamental Factors:
Keep an eye on any relevant economic developments, especially those impacting the UK and Japan. Monitor for any unexpected news that could influence market sentiment.
Disclaimer: Trading involves risk, and this analysis is not financial advice. Please conduct your own research and consider your risk tolerance before making any trading decisions.
Remember to stay informed about market developments and adapt your strategy as needed. Always use proper risk management to protect your capital.
Trade closed: stop reached:
Our mini-stop loss was hit by the pair, which resulted in us risking only a small amount of money. At this point, we are waiting for a significant move from the seller to indicate that we can reenter the pair. If there is an opportunity to reenter, I will update it on my pages.