GBPJPY Bearish Continuation Trade Update

Short

British Pound / Japanese Yen (FX:GBPJPY)

FX:GBPJPY British Pound / Japanese Yen

So as expected we had a bounce yesterday as we would have seen profit takers and counter trend traders buying up this pair but now we have a clear beak down as predicted.

We can now look for that pullback into previous support which should provide resistance.

Many of you asking why i wasn't looking to buy instead. The simple answer is 1) I would not have looked for a bullish opportunity in a bearish market. 2) I always want to wait for market to come to me where i know i have a high probability of being right. Not only that, but i gain much more when i am right than when i am wrong.

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Good luck in the markets this week.

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