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

(Visited 807 time, 1 visit today)