GBP/JPY Short
GJ is currently consolidating on the 1 H Time Frame.
As such we'll be trading the consolidation from resistance to support.
Before markets closed, GJ created a bearish candle that closed as a engulfing bearish candle, supporting the idea that price respected the consolidation zone and has respected the resistance zone also.
We are now expecting price to hit the previous low which bounced off of the support within the consolidation zone.
Risk to reward ratio is 1:1.5.
As such we'll be trading the consolidation from resistance to support.
Before markets closed, GJ created a bearish candle that closed as a engulfing bearish candle, supporting the idea that price respected the consolidation zone and has respected the resistance zone also.
We are now expecting price to hit the previous low which bounced off of the support within the consolidation zone.
Risk to reward ratio is 1:1.5.
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