Bearish intraday trend set up on the GBPJPY FX currency pair.
Last week saw a very bearish Friday candle closure and bearish weekly candle closure. Over the weekend there was a gap up into wait I believe to be a good short trade entry zone. The last 2 highs formed were lower highs and a lower low was made last week around 137.00.
I think the bearish trend might continue down now although GBP is very headline driven at the moment as expected.
I am using last weeks lows (137) as TP1 and then new lower lows at 135.800 for my TP2. If price continues to trend downwards then I have the next support zones marked on the chart for your references.
Last week saw a very bearish Friday candle closure and bearish weekly candle closure. Over the weekend there was a gap up into wait I believe to be a good short trade entry zone. The last 2 highs formed were lower highs and a lower low was made last week around 137.00.
I think the bearish trend might continue down now although GBP is very headline driven at the moment as expected.
I am using last weeks lows (137) as TP1 and then new lower lows at 135.800 for my TP2. If price continues to trend downwards then I have the next support zones marked on the chart for your references.
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Stop loss triggered on this trade unfortunately.
