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GBPJPY Trade Setup (Jan 19)

Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2016-01-19_15-06-55-GJ1

GBPJPY is approaching to the next sell zone.

You may say “This pair has dropped so much!   It is going to go up soon?”.

Well, we should keep selling it, until it fails.  So far, the price is riding 21EMA on H4.

Thus until it fails, we should respect it.

Here is a H4 chart,

As I said, this pais has been riding 21EMA nicely, and now approaching to 21EMA again.  Also notice WPP is at the same zone, while Stochastic is getting close to OverBought zone.

2016-01-19_15-06-55-GJ1

 

So we should get ready to short this pair.

2016-01-19_15-09-20-GJ2

Fib38.2 is already broken.  So the next sell zone will be

a) Fib50% + WPP, or
b) Fib61.8% + Role Reversal Resistance

 

Let’s monitor M15 chart, and find the bearish price action.

For the target,

a) 166.12 (Double Bottom), or
b) 162.36 (WPP -> WS2)

 

 

YJ Baik – Forex.Today @ Tokyo

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