Daily Mean Extension with Bearish Conf. on Lower TF's (GBPJPY)
On the daily TF for the GBPJPY the bullish impulse has been stalling and we are now consolidating in an area well extended from the 200 SMA. On the 4HR, there has been several attempts from the bears to break below the 200 SMA and have held, but now we have had a big impulse down, through the 200 SMA with a bullish correction. This is more easily seen on the 1HR, but regardless a sell stop has been placed below the low of the bearish candle. (148.665 - a few pips) (A bearish MACD signal on the 1HR, CCI breaking below -100, etc. could also do instead of trading the breakout below the candle.) Partial TP at 147.029 as its been a significant level in the past, and it would be smart to trail the rest of the trade on its way back to the mean on the Daily.
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