British Pound / Japanese YenUpdated GBPJPY decision time
Currently GJ is being confined underneath the December 15th, 2016 daily candle high resistance of 148.50ish. Add a trendline and minor structure levels that are lining up around this area, I'm currently trading short. However, Price has recently bounced off the 50% fib retracement of the impulse move that broke the long consolidation. For this reason we have to entertain the fact that the recent bearish movement the past couple of weeks is simply a corrective structure for the next impulse move higher. There are some higher timeframe trendlines I would like to see retested before going long for a swing trade. See the comments below for the higher timeframe analysis.
Note
Long from 148.17Trade closed manually
Closed one position for 30 pips of profit at the retest of the previous highs. second portion was stopped out at breakeven.
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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.