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Monday, 09 November 2015 16:02

GBP/JPY looks highly strung

GBP/JPY looks highly strung

GBP/JPY rallied since the beginning of October, but right now is showing signs of fatigue. Last week it outlined a very noticeable weekly shooting star.

gbpjpy weekly

Looking at the lower timeframes, we notice GBP/JPY has already retraced 61.8% of the whole weekly upthrust bar and is right now showing a brand new 4 hr shooting star forecasting a possible sharp reversal

gbpjpy daily

Currently the majority of retail traders are long. Since we (almost) always trade against the retail traders, the time is probably ripe for entering short.

gbpjpy oanda

Looking at the recent GBP weakness, we can imagine a trade with an entrance area between 186.10 and 186.60, a stop loss level around 186.80/186.90 and a take profit area between 184.70 and 185.20

Remember this is not a trade solicitation and if you decide to trade you do it at your own responsibility.

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