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Gbpjpysell

GBPJPY outlook (sell)After 4H structure was broken and we saw perfect retest before next move down confirmed usthat we ready for downtrend continuation on weekly overview (Weekly candle closed bearish engulfing) GBPJPY is now meeting some major daily support with down trendline at the same time. If we see break and retest, we will be looking for some excact sell setups and jump on downtrend continuation. Be careful of huge pullbacks, GBPJPY is very aggressive pair (Also be careful on potential weekend gaps, which might be coming today). Trade with proper risk management and caution.
Short
by PeryCapital
5
Where next for GBPJPY?Sell the rally, but where to sell? The big blue 504 period EMA represents the Daily 21 EMA on this hourly chart, and as you can see we had 2 nice bounces off of it. I have marked up the 618 fib of the double top so if you were a bear you could short from 132.937 as a 2618 trade with an initial target of 132.477 or roughly 45 pips. The rest is up to your trade management but this target would mean a break of the upwards trendline that has been in place sine the 22nd August and a potential reversal for longer term trend continuation. If you're bullish on this pair then you might want to see a break of the previous highs and the Daily 21 EMA, then a retest of structure before going long with a target of 134.470 or roughly 117 pips. Or you could trade them both? What do you think?
by Mase_00_7