GBPJPY - The downside prevails
The Pound has come under the spotlight since the start of 2016 all because of the EU referendum. I expect the Pound to see even more weakness right up until the referendum date. Here we have a short term ascending trend line inside of a huge downtrend and we have been making LH and LL since mid-Feb.
Here were my reasons for a short position:
- Daily rejection of 50 EMA
- Daily bearish engulfing candle
- Rejection of 0.5 fib line
If we see a break of the ascending trend line, expect price to continue south until next major support at 153.
Here were my reasons for a short position:
- Daily rejection of 50 EMA
- Daily bearish engulfing candle
- Rejection of 0.5 fib line
If we see a break of the ascending trend line, expect price to continue south until next major support at 153.
Trade closed: stop reached
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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.