GBPJPY BREAKS 131 SUPPORT : WHAT FOLLOWS ?The British pound ran into resistance again against the Japanese yen as it rallied towards the crucial 132 level. This is an area that has been important more than once, as it was previous support. At this point, the market looks as if it is trying to roll over again.
Outlook in GBP/JPY is unchanged as GBP is long-term bearish. Below 130.64 will target a test on 123.94 low. but a nearby target could be the 127 level.
One thing is for sure, the market looks as if it is running out of momentum to the upside in general, so having said that it is likely that the downside is going to be much more preferred.
Risk Warning : The risk of loss in trading Foreign Exchange (FOREX) can be substantial.
You should therefore carefully consider whether trading is suitable for you in the light of your financial condition.
Goodluck !
Gjshort
Clear downward structure #GBPJPY, time to reload ? Assalamualaikum & hye !
Clear downward structure i-ii-iii-iv-v developed at hour 1 time frame. I assume they could be some pullback to get any order left behind to continue short this pair.
Our strategy
1) Sell rally, sell any rally movement
2) Mark invalidation as our risk price - 144.540
3) continue protect your profit
hope its help !
Thank you !
looking for downward momentum Bellow 139.600I will be looking for downward momentum on lower time frames as long as we are bellow the support at 139.600
For aggressive entries would be any price above 139.600 with stops above today's highs of 139.846. This comes with high risks of being stopped out, Proper money management required here.
GJ is only safe for intraday trading during this brexit uncertainty, any entry should be follower with strict stop loss.
Be safe