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British Pound / Japanese Yen
Short

POTENTIAL SELL ON GBPJPY - DECENDING CHANNEL FORMATION

By Trader856
Updated
As can be seen from the chart price has failed to break yesterdays high. Assuming this rejection follows through then this trade can potentially be extremely rewarding. Moreover, a descending channel has clearly formed on the lower time frames indicating a possible continuation to the down side. The previous idea ought to be disregarded due to the change in market structure. However, I intend to still look for buy trades on this currency pair in the foreseeable future.

*NOT FINANCIAL ADVICE, MERELY AN OPINION*
Comment
Stop loss price : 167.600.
Trade closed manually
Bearish PatternsChart PatternsdecendingchannelForexGBPJPYgbpjpyshortTechnical IndicatorsTrend AnalysisTrend Line Break

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