On the GBP/JPY weekly chart, there is evidence of an engulfing bearish candle pattern. Shown here is the 4 hour GBP/JPY chart which illustrates the Fibonacci retracements levels of last week's bearish candle. After this significant move to the downside, I am expecting a pullback to the 38.2% Fib level which confluences with this week's weekly pivot point (not shown). A sell order will be triggered at this level with a take profit at the 143.50 level (close proximity to this week's S1 weekly pivot point (not shown).
Sell 1 EUR/JPY option OTM @ $70-80 w/1 week expiration to strike price (143.75)
Sell 1 EUR/JPY option OTM @ $70-80 w/1 week expiration to strike price (143.75)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.