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GBPJPY Trade Setup (Oct 26)

Profile photo of YJ Baik - Forex.Today by YJ Baik - Forex.Today
2015-10-26_9-32-54-GJ

Dear the Beast Lovers –

I am sure you are looking for another Long opportunities.

Typically, I would suggest to buy from 21EMA or even from 55EMA, or Fibonacci 38.2-61.8%, or from WPP.

However, as you can see below (H4 chart), I see a small Bearish Divergence on Stochastic.

Thus I am expecting to see a little deeper pullback, down to the Role-Reversal Support at 184.50-184.70 area.

If you are scalper, I suppose you could short this pair.

 

However, to be on the safe side, I would suggest to wait until the price comes down to this Support area, confirm the reversal pattern on the smaller timeframe, then buy!!

 

2015-10-26_9-32-54-GJ

 

Hope this observation helps you build your own trade setup.

 

 

YJ Baik – Forex.Today @ Tokyo

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