A simple short setup
Updated
Similar to USDJPY, GBPJPY has reached to it's mini down-trend daily trend line.
RISK: it has been consolidating in the past few days - it can either break out going up, or going back down.
SL: above key resistance and surely above the mini-trend line -- however currently the price simple dropped very quickly, so I guess we are at the safe side. If you want to enter, wait for any possible bounce but anything below 115.96 I'd consider it risky.
TP: Fib based, 151.562 is a key support level, I may close or trial if it can each there.
RISK: it has been consolidating in the past few days - it can either break out going up, or going back down.
SL: above key resistance and surely above the mini-trend line -- however currently the price simple dropped very quickly, so I guess we are at the safe side. If you want to enter, wait for any possible bounce but anything below 115.96 I'd consider it risky.
TP: Fib based, 151.562 is a key support level, I may close or trial if it can each there.
Note
TP - possible double bottom and previous support hit. I may go long shortly. GL
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