Rjptrades93

GBP/JPY ( Short Bias )

Short
FX:GBPJPY   British Pound / Japanese Yen
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1
On the daily Timeframe , had a nice uptrend channel where price was respecting consistently,
moved down to the 4hourly & price broke out of the wedge breaching the daily uptrend,

Down onto the 1 hourly i used the Fib tool at the top of the run,price reached the key lower level pulling back to the 0.618,

Dropped to the 30 minute Timeframe to scope my entry price had 2 lovely wicks rejecting the key level of fib & the support acting as a new resistance,
Then a lovely engulfing candle to enter at the close down to the target zone making this a beautiful 1:3 RRR with SL tucked away tightly behind the resistance zone