GBP/JPY - Sell Limit - Opportunity
Please note: there are significant news releases today at 1:30 PM consisting of the Core PPI and the initial jobless claims.
My personal analysis is potential for GBP/JPY (GJ) to return briefly back to around the 181.700 - 182.000 price level acting as a third resistance touchpoint in the channel, to then seeing a sell off back down to 179.200 to 179.000 price level, which could provide us room to break through the channel, acting as a fourth support touchpoint in the channel.
If this situation does occur, I would be looking to hold a sell position of GJ down to the 176.500 - 177.000 price level, as the MA 50 on the daily time frame acting as a first new support level.
Although, the news releases today may cause volatility in either direction. So I will wait to see which direction GJ takes favour in before placing a trade.
My personal analysis is potential for GBP/JPY (GJ) to return briefly back to around the 181.700 - 182.000 price level acting as a third resistance touchpoint in the channel, to then seeing a sell off back down to 179.200 to 179.000 price level, which could provide us room to break through the channel, acting as a fourth support touchpoint in the channel.
If this situation does occur, I would be looking to hold a sell position of GJ down to the 176.500 - 177.000 price level, as the MA 50 on the daily time frame acting as a first new support level.
Although, the news releases today may cause volatility in either direction. So I will wait to see which direction GJ takes favour in before placing a trade.
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