Attempting a short in GBP/JPY..but be flexible

Hourly chart

GBPJPY H1 (04-11-2016 1610).png

Technical correction gathered steam today, with cross now trading around hourly 100-Ma at 154.03.

Note a strong technical hurdle at 154.22 (23.6% of the latest drop) + double bottom neckline. A break higher could open doors for atleast a  300-pip rally.

However, I doubt it would materialize. I would be attempting a short trade around 154.22 for a target of hourly 50-MA (seen now at 152.78. ) with a 25 pip stop. At the same time, I would not mind switching gears and jumping into longs if there is an upside break.

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