Dear GBP/JPY Price Action Traders

Yesterday’s trading signal came from USD/CAD. Buyers are trying to find their way along the way. Today was a more hesitant day with slow bullish momentum gathering more buyers. I am still in this trade.

On the other side, I am spotting a good opportunity to go short GBP/JPY. I have spotted a bearish engulfing pattern on a major resistance area, which can give way to more sellers joining the downtrend. Have a look at the screenshots attached. My entry would be around 185.80. The stop loss would be placed just over 187.80. My primary target is the level of 183.80. From then on, it depends on price action, but if we see a breakout, the next level I will be looking will be 182.00.

Happy Trading,

Colibri Trader

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