GBPJPY Trading Setup

by: Colibri Trader

The trading idea from last time was realised. It looks like USDJPY is ready to continue its fall. For now, I am not going to add more positions. Indeed, the daily candle is showing hesitance and the intraday activity does not look promising. Actually, there is a minor support level on the 4H chart, which looks to be holding the price. Therefore, I will be extra careful when choosing whether to cut half of the position or 100%. Depending on the intraday activity tomorrow, I might reconsider this trade.

GBPJPY Trading Setup

Today’s trading setup is coming from GBPJPY. The pound dropped significantly today and I believe that this might lead to more serious drop in the GBPJPY pair. On top of that, it looks like a minor resistance area has been hit. Considering the bearish engulfing candlestick from today, it looks like this might be the best pair to trade for the time being. I will still reconsider once the intraday action start revealing. For the time being, I will be looking to enter in a short trade at around 139.65. My stop would be placed just above 140.65. The first target is the level of 138.40. The secondary level is 136.00.

Happy Trading,

Colibri Trader