GBPJPY - short

This pair has been very lucrative recently. Can see the higher high forming, providing it does not take out the low in this turn down.

COT data shows Yen pretty much sideways. GBP has lost momentum & looks like it's due a pullback. Next turn in the cycle will be around the 15th - thus giving GJ time to drop down to the trendline and continuing on to the north.

The overall bias here is Bullish, but here's the retracement


Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s and Forex. Hence each trade setup might have different hold times, entry or exit conditions and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.

Comment:

Waiting on the turn around before entry - still Bearish this pair