Hey tradomaniacs,
with my expectation for JPY (long) we could get a nice reversal here right at the op of the trendchannel.
If the market breaks the support we might get great momentum, especially since bulls seem to give up, we might see domino-effect ala stop-loss-triggering.
Good chance here in my opinion!
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GBPJPY ready to sell, price is at strong weekly resistance. This could not break. Possible to enter after clear pin bar is seen on H4.
SL on last higher/high, TP next support
Sell below 148.78.
Stop loss at 150.09.
Take profit at 146.72.
Reason for the trading strategy (technically):
GBPJPY reversed nicely off its resistance at 148.78 (100% & 61.8% Fibonacci extension, 76.4%, 50% & 38.2% Fibonacci retracement, horizontal overlap resistance) where a further drop to its support at 146.72 (38.2% Fibonacci retracement, horizontal...
