GBPJPY Trading Setup

The probability of a November FED hike is only 17% and of a December FED hike- 69%. The FOMC meeting on Wednesday will be the market moving event for this week.

by: Colibri Trader

Past week saw some minor moves. The US presidential election is days away (8 November) and the markets are becoming more nervous. The trading idea from last time did not perform exactly as expected. The USDJPY did make another high before settling down to the levels of 104.65. It has been a fast reversal and maybe a fake breakout. I prefer not to re-enter in a short trade and will wait on the sides until the dust settles.

GBPJPY Trading Setup

Today’s trading idea is coming from the GBPJPY pair. There is a major resistance area that was re-tested by the pair and now it is looking down towards the next support level at 124.75. The daily price action setup is an evening start- 3 candle formation. I will be looking to go in a short trade at 127.70. My stop loss will be the level of 128.65. My target will be the level of 124.75.

Happy Trading,

Colibri Trader

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