GBPJPY is in a long term downtrend and therefore we should look to enter only entries to the downside.The black lines on the chart represent Fib Retracement level on the Daily Chart. We will now continue to the smaller timeframe to find an accurate entry point.
A nice downward parallel channel further indicates downward movement and we will set our TP target on the fib retracement line. The ADX also have downward movement that indicates bearish action.
Risk:Reward - 2.00
TP :129.700
SL : 131.600
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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.