I am currently short GBPJPY and have been since 147.180, this is due to the third recent touch to the 147.844 resistance level on the daily chart as well as RSI divergence and price action putting in a series of lower highs and lower lows on a smaller time frame. Now looking for a break of previous structure and then a retest for a possible add in for this position.
Targeting just above the 143.000 level.
Stops will be placed above previous swing high. Stops for trade one will be moved down to the same level.
Risk reward for this trade is a 2:1
Targeting just above the 143.000 level.
Stops will be placed above previous swing high. Stops for trade one will be moved down to the same level.
Risk reward for this trade is a 2:1
Comment:
Inverse head and shoulders formation completed on the 1 hour chart