Rennie
Short

Short GBPJPY Daily Outlook

FX:GBPJPY   British Pound/Japanese Yen
Short Entry @ 191.640
StopLoss @ 192.220
Take Profit @ 189.770

Broken Daily support over bought have had a double top in the past couple days which ran right back into the support turned resistance marked by the pink line.

Fundamentally the Yen has gained some strength and it is being shown a little bit across the board.
Technically we can see a lot of structure in play and see a quick fast nice and easy opportunity with a Risk:Reward coming in at 1:3.22 Looking at the structure of this trade we can see a support coming in from a previous high for a take profit at the level of 198.770 just incase it does ascend once it reaches that level.
For a stop 192.220 seems like a fairly decent area without being too close to current Price Action.

Please feel free to give some feedback and share your thoughts Thanks :)
- Rennie
....no sign for short,- breaking out,- always have a peak at higher TF
snapshot
Reply
Rennie nmike
was preemptive but it is fine, draw down is accepted in my trading :)
Reply
I'm still waiting confirmation on this one. I agree the R:R is good but I'd be super conservative to counter trend this. Good one and good luck! :)
Reply
The Nikkei rallied too much for my liking, might make yen pairs drift or go for one more leg up before the actual top. I'm out for now.
Reply
Rennie IvanLabrie
it is hard to find the top I am still in but can't win them all if it goes south
Reply
Any later entries now valid.
Reply
Interesting idea. Yes, the yen is gaining strength and the Pound has been constantly going up against it, it's more attractive as a short.
I'm already short chfjpy (which looks great so far) and usdjpy (which isn't moving as fast as I'd like), so it's possible other jpy pairs start to fall as well if the move is fundamentally driven behind the courtains.
Reply
Rennie IvanLabrie
Thankyou for the reply Ivan, I have been seeing a fair bit of good news for Japan and the Asia economy infact. The Technical line up fine and I am happy to take this trade on a comfortable time frame.
Reply
Excellent.
I'll watch for a clearer entry, but it might be a good one already.
Reply
IvanLabrie PRO IvanLabrie
Posted that and it started moving. Might be a short right now.
Reply
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out