GBP/JPY to Tap into 149.3 and Reverse
Updated
GBP/JPY has had a pretty decent run from the weekly rejection of 145.00 not too long ago. Since the pair remained above the daily moving averages, price retaliated fiercely against any intraday 'bearish chop' ultimately pulling the pair higher and higher, having little remorse for short sellers.
From here onward, a reversal is anticipated, or a pullback at least from the level: 149.20 (Supply region) and the monthly resistance of 150.00.
Price is set to decline from the above, into the realm of 147.50 (weekly support) and 148.00 over the coming few days from the current level of 149.00 or again if we can push a little higher into the further supply, which would be more desirable for an increased risk-reward based trade.
From here onward, a reversal is anticipated, or a pullback at least from the level: 149.20 (Supply region) and the monthly resistance of 150.00.
Price is set to decline from the above, into the realm of 147.50 (weekly support) and 148.00 over the coming few days from the current level of 149.00 or again if we can push a little higher into the further supply, which would be more desirable for an increased risk-reward based trade.
Order cancelled
Going back to 149.3 - 149.5 region. Short from thereNote
Multiple short orders placed at 149.2 - 149.5 regionTrade active
Hmm.. short Started 148.4 > 148.040 Pips target
SL : 14.657
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