GBPJPY on a weekly timeframe has attempted to break above 200$ but has been unsuccessful. Last week a bearish engulfish candle has the bears in charge and weekly moving averages are in a downslope (using 9 sma and 20 sma).
Goal#1 is for GBPJPY to retest 190$ then break through to 185$. I anticipate large moves as the "bear" trend will be developed.
Goal#2 is for GBPJPY to retest support zone at 178$ and then to complete the bear flag breakdown to 171ish.
If I am correct, then the risk to reward is about 1:2.5 which is excellent. Once support breaks below $185, then I will be add shorts to my position. I'm currently risking about 30% of margin for this position.
Goal#1 is for GBPJPY to retest 190$ then break through to 185$. I anticipate large moves as the "bear" trend will be developed.
Goal#2 is for GBPJPY to retest support zone at 178$ and then to complete the bear flag breakdown to 171ish.
If I am correct, then the risk to reward is about 1:2.5 which is excellent. Once support breaks below $185, then I will be add shorts to my position. I'm currently risking about 30% of margin for this position.
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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.