Short GBPJPY Daily Outlook
Short Entry @ 191.640
StopLoss @ 192.220
Take Profit @ 189.770
Broken Daily support over bought have had a double top in the past couple days which ran right back into the support turned resistance marked by the pink line.
Fundamentally the Yen has gained some strength and it is being shown a little bit across the board.
Technically we can see a lot of structure in play and see a quick fast nice and easy opportunity with a Risk:Reward coming in at 1:3.22 Looking at the structure of this trade we can see a support coming in from a previous high for a take profit at the level of 198.770 just incase it does ascend once it reaches that level.
For a stop 192.220 seems like a fairly decent area without being too close to current Price Action.
Please feel free to give some feedback and share your thoughts Thanks :)
- Rennie
StopLoss @ 192.220
Take Profit @ 189.770
Broken Daily support over bought have had a double top in the past couple days which ran right back into the support turned resistance marked by the pink line.
Fundamentally the Yen has gained some strength and it is being shown a little bit across the board.
Technically we can see a lot of structure in play and see a quick fast nice and easy opportunity with a Risk:Reward coming in at 1:3.22 Looking at the structure of this trade we can see a support coming in from a previous high for a take profit at the level of 198.770 just incase it does ascend once it reaches that level.
For a stop 192.220 seems like a fairly decent area without being too close to current Price Action.
Please feel free to give some feedback and share your thoughts Thanks :)
- Rennie
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