British Pound / Japanese Yen

Short

GBPJPY Weekly Sell - daily pinbar high rejection

By TheRavensForex

Updated

We have noticed that GBPJPY has formed its third bearish wave with a huge daily pinbar. We predict that once the current structure is broken by a 4hr bearish candle, there will be a high probability for the price to drop to the 161.248 area.
We will wait for the formation of a 4hr bearish candle before entering this trade.

Note

It is running smoothly:

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Respect higher timeframes:

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Closed with +2%

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We can reenter again as it just retraced.

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Closed at the entry:

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Also on:

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