Took a short on GBPJPY at 178.40 after price hit the 200 day MA and the 38.2% fib. We also hit our 4HR trend line. Price reacted nicely & bounced down to close the day with a shooting star, another bearish sign.
This trade fits with my fundamental outlook on GBP which should remain under pressure in the near term with Labour now leading most polls over Cameron, and also with the impending stock correction both on the S&P & globally.
Stop: 179.60 (above previous highs)
Target 1: 175.00 (previous low)
Target 2: 173.00 (or bottom of current channel)
This trade fits with my fundamental outlook on GBP which should remain under pressure in the near term with Labour now leading most polls over Cameron, and also with the impending stock correction both on the S&P & globally.
Stop: 179.60 (above previous highs)
Target 1: 175.00 (previous low)
Target 2: 173.00 (or bottom of current channel)