WE are looking too short GBP/JPY as it retests the resistance.
where we are looking to sell at
entry 1 136.980
entry 2 137.280
once price hits tp.4 we will be looking to long at 134.400/134.200
GBP/JPY is currently at the top of a bullish channel and it appears that it's time to short (at least in the short-term) or at the very least it's time to exit longs and wait for re-entry.
Check out my other GBP posts that should be up within the next few minutes. They are showing the same thing!
COLOR KEY (which time frame each markup is based on):
The price above 200 MA, indicating a growing trend.
The MACD histogram is above the zero lines.
The oscillator Force Index is above the zero lines.
If the level of resistance is broken, you should follow the recommendations below:
• Timeframe: H4
• Recommendation: Long Position
• Entry Level: Long Position 134.65
• Take Profit Level: 135.65 (100 pips)
BUY STOP - Pending Order
Target 1: 135.50(75+ pips)
Target 2: 136.10(135+ pips)
SL: 133.40(135- pips)
Risk Reward 1
Waiting for 4hrs handle to close above 134.6 and entering long on 15pips above the previous support.
GBPJPY bounced off 133.337 where it could potentially rise further to 134.537.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.