Booked out of Cable long..have a look at Sell GBP/JPY trade

Booking out of sTerling long mentioned here (https://ogforexwire.wordpress.com/2016/02/26/trade-update-sterling-long-again/) at 1.3970

I shall keep my eyes off cable for now as GBP/JPY cross has gained my attention.

GBP/JPY 15-min chart

GBPJPY m15 (02-26-2016 1736)

The pair has breached rising trend line and is struggling to get back above the same. With Brexit still looming, sterling could take a major hit again if the US data is strong. Yen may remain relatively resilient. Hence, cross appears poisd to test 156.87 levels.

I enter a short 157.45 target 167.87 stop 157.70 (15-min closing basis)

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s