Possible GJ Sell Idea!

Looks to me that the GBPJPY will struggle around the resistance heavily as it has tested it multiple times already and hasn't broken through in the past. Who knows though maybe it will, you can never know? However more likely a sell looks more like a viable option, dropping heavily all the way to the 61.8% on the Fibonnaci which is a key support zone also. On the way down there is a second possible trade entry also midway at the first support zone, in case you get in late but wait for the pull back once it breaks the zone. Yet again it may not break the support and then test the resistance again, so who knows?

But overall, as I see it right now it looks like a very good trade.

Kommentera:

Exactly how I described it moved 200 pips towards the support and currently as the market has just reopened it has broken support and has become a new resistance.

Key area to look at is the zone which is now currently resistance to see what price does next out of the 2 possibilities.

Possibility 1 - Bounces off resistance and will continue to drop also meaning that there is another possible entry for about 200 pips.

Possibility 2 - It breaks the resistance, retests (making it a possible entry) and attempts to make a climb back up, possibly all the way back up to 149 which means a 200 pip opportunity

Kommentera:

Has bounced off the resistance and currently made its way down by about 100pips.

It's currently retracing at the moment.

Using fibonnaci it may pullback to around the 61.8% or maybe slightly short, but there is another possible opportunity

Kommentera:

Overall the trade has hit it targets. It had broken the second area and continuing to go lower currently