SHORTING GBPJPY at the touch of falling Trend Line

Nov 10, 2016

Recently the Pound has gained momentum supported by favorable data from the UK against the Yen. However, there is still uncertainty concerning the cable about the Brexit issues whether the Prime minister should by pass parliament to trigger Brexit article as the government would want to go for an appeal when it lost the case. This gave the cable some momentum to advance. would the cable sustain such momentum as it approaches the falling trend line on the dailing chart. My scenario is to go short on the touch and rejection of price of the falling trend line around 133.086 and a target profit around the 127 area. On the flip side, if the falling trend line is broken and price trades above 134.00, we then look for long entry with first target @ 143.230 and second target @ 150.00