GbpJpy Short Idea
Updated
#Could we see a fall in Pound vs Yen?#
The pound has been very strong recently. At current prices I believe that the buyers are getting exhausted. We've seen 2-3 failed breakout attempts at the 70-80% fib levels. This seems to be a wonderful short opportunity for the bears to take control. There seems to be a 4h support level at 154.0. I believe we can reach this level in the next few sessions.
###Reward Ratio###
For this idea I'm expecting a 50-150 pip Reward with my stop loss being set above current highs.
The pound has been very strong recently. At current prices I believe that the buyers are getting exhausted. We've seen 2-3 failed breakout attempts at the 70-80% fib levels. This seems to be a wonderful short opportunity for the bears to take control. There seems to be a 4h support level at 154.0. I believe we can reach this level in the next few sessions.
###Reward Ratio###
For this idea I'm expecting a 50-150 pip Reward with my stop loss being set above current highs.
Note
Target 1 hit! headed to to Target 2 !!!
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