GBPJPY in Bears control!
Based on the chart, price reached a resistance area and yesterday a rejection form this area happened. Also the chart behavior can show us a weakness on buyers because we can not see a recent high on the chart(there is no higher and higher right now!)
So the weakness on buyers and the strength of sellers at this area lead me to open a sell position with a good risk reward ratio (about 1:4 for first target and 1:8 if it goes to the next target).
Note: As always please take risk management rules into consideration before opening any position on the market.
Good Luck!
So the weakness on buyers and the strength of sellers at this area lead me to open a sell position with a good risk reward ratio (about 1:4 for first target and 1:8 if it goes to the next target).
Note: As always please take risk management rules into consideration before opening any position on the market.
Good Luck!
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.