Potential reversal, GBPJPY

After closer examination I considered this a valid entry to the FX reversal strategy based on the factors labeled in white text. Price action has decelerated at TL, and horizontal support after breaching the potential H&S neckline that failed to remain below 147.50. FIBs indicate that the phase of this market could be at a pullback before continuing higher to test value at the 50EMA. The oscillators in the intraday charts show some loss of momentum, but not extraordinary. Entry at 148.00 would give me a 1.91 reward comparative to risk with the potential to trail stops to break even, if price action allows. I will also consider trailing my Take Profit, being that the 50EMA will move.

Kommentera:

Took profit at the daily 50EMA, +1.2%