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
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
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.
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.