GBPJPY: Key Levels To Short
Updated
Hey Traders! Here are a few levels to look for to short this pair. The first level I'll be looking for is break out of the rising wedge. A close below the bottom of the wedge will likely mean further price action toward the target zone. If no breakout occurs, I'll be looking for rejection at the Gartley PRZ, then the deep crab if the bullish pullback is strong enough. In the target zone, there's a missed dialy pivot, weekly pivot, and the weekend gap which typically pulls price toward Friday's close. In the longer term, the weekly missed pivot and the 50% fib zone is a great area to look for another rejection. Happy Trading!
Note
Price has entered the Gartley PRZ, looking for some signs of rejection at these levels. Also, a bearish Wolfe Wave is also completing here and we may see some resistance at the 1-3 parallel. Stay tuned!
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On the one hour timeframe, we have a few more reasons to look for short opportunities at this level:21 Day SMA
21 Day EMA
Triangle on APRR
Potential Tweezer Rejection
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