GBPJPY is sitting in a great area for a potential short to present itself. I am looking for entry (@153.50-154.50) area to watch where the market decides to run. Resistance should hold strong unless we see very positive GBP news this week. On a technical aspect the Pound/Yen pair is due for a substantial drop. A safe Target zone would be (@146.00-145.00) for D1 market structure to complete what looks to be forming a Double Top!
If you do not know how to enter a trade like this, I have a simple strategy that you can feel free to practice with. When you see a Double Top forming wait for the second leg to peak with the previous high. Only at that level should you consider shorting. Always cut your normal lot size in half on the initial position. When you see a CLEAR break of the Neckline should you place a full sized entry. In my experience, that is the safest and most profitable way to trade a pattern like this.
*This markup is intended solely to be used as education/reference, always do your own due diligence before entering the markets.
If you do not know how to enter a trade like this, I have a simple strategy that you can feel free to practice with. When you see a Double Top forming wait for the second leg to peak with the previous high. Only at that level should you consider shorting. Always cut your normal lot size in half on the initial position. When you see a CLEAR break of the Neckline should you place a full sized entry. In my experience, that is the safest and most profitable way to trade a pattern like this.
*This markup is intended solely to be used as education/reference, always do your own due diligence before entering the markets.
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Fibonacci retracement has reached 61.8 resistance on the D1 Timeframe, potential short area.
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800 pips to date on the GJ short, enjoy those profits!
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GJ may tank for a full 1,000 pip short, eagle eyes.