GBPJPY: Autum statement volatility!!GBPJPY
Intraday - We look to Sell at 168.00 (stop at 169.40)
We are trading at overbought extremes. This is negative for short term sentiment and we look to set shorts at good risk/reward levels for a further correction lower. The hourly chart technicals suggests further upside before the downtrend returns. We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower.
Our profit targets will be 164.00 and 161.10
Resistance: 168.70 / 172.14 / 174.20
Support: 164.00 / 161.10 / 158.70
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