Short
A simple short setup
Similar to USDJPY, GBPJPY has reached to it's mini down-trend daily trend line.
RISK: it has been consolidating in the past few days - it can either break out going up, or going back down.
SL: above key resistance and surely above the mini-trend line -- however currently the price simple dropped very quickly, so I guess we are at the safe side. If you want to enter, wait for any possible bounce but anything below 115.96 I'd consider it risky.
TP: Fib based, 151.562 is a key support level, I may close or trial if it can each there.
RISK: it has been consolidating in the past few days - it can either break out going up, or going back down.
SL: above key resistance and surely above the mini-trend line -- however currently the price simple dropped very quickly, so I guess we are at the safe side. If you want to enter, wait for any possible bounce but anything below 115.96 I'd consider it risky.
TP: Fib based, 151.562 is a key support level, I may close or trial if it can each there.
Note
TP - possible double bottom and previous support hit. I may go long shortly. GL
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.