GBPJPY Short Idea
Looking to short GBPJPY.
So it is no secret that Japan hiked their interest rates, but also due to global economic fears the Yen safe haven was bought up by firms across the board causing this massive surge in the Yen. This move re-assures the Yen's place as a safehaven for investors.
BOE also recently cut their rate, fueling the surge down in GJ.
Now based on this heavy data, this has changed the fundamental picture for the Yen, though a recovery is expected this heavy data suggest a W recovery is a higher probability than a V shaped recovery.
On this there is opportunity for us.
The trade:
Short
Entry- 190.80
Stop Loss- 60 pips (wider due to volatility)
Target- 200 pips (larger due to volatility)
Confluences:
Weekly 50EMA
38% fibo
Weekly Key Level re-test
Nikkei Alignment (See chart for possible alignment zone)
Catch you later Traders ▲
So it is no secret that Japan hiked their interest rates, but also due to global economic fears the Yen safe haven was bought up by firms across the board causing this massive surge in the Yen. This move re-assures the Yen's place as a safehaven for investors.
BOE also recently cut their rate, fueling the surge down in GJ.
Now based on this heavy data, this has changed the fundamental picture for the Yen, though a recovery is expected this heavy data suggest a W recovery is a higher probability than a V shaped recovery.
On this there is opportunity for us.
The trade:
Short
Entry- 190.80
Stop Loss- 60 pips (wider due to volatility)
Target- 200 pips (larger due to volatility)
Confluences:
Weekly 50EMA
38% fibo
Weekly Key Level re-test
Nikkei Alignment (See chart for possible alignment zone)
Catch you later Traders ▲
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