GBP/JPY Short Setup: Bearish Opportunity on Retest
We’ve seen a strong upward move in GBP/JPY, but the price is now breaking below the ascending trendline, signalling potential bearish momentum.
Entry Strategy: I’m looking to enter on a retest of the broken trendline near the 192.58 zone, once confirmation of rejection occurs.
Trade Levels:
Stop Loss (SL): 194.000
Take Profit (TP1): 190.131
Take Profit (TP2): 188.685
Take Profit (TP3): 186.672
Take Profit (TP4): 183.762
Risk management is key. Be patient and wait for the retracement entry and confirmation before entering the trade.
Entry Strategy: I’m looking to enter on a retest of the broken trendline near the 192.58 zone, once confirmation of rejection occurs.
Trade Levels:
Stop Loss (SL): 194.000
Take Profit (TP1): 190.131
Take Profit (TP2): 188.685
Take Profit (TP3): 186.672
Take Profit (TP4): 183.762
Risk management is key. Be patient and wait for the retracement entry and confirmation before entering the trade.
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.