GBPJPY [1-3 days view]

Short GBPJPY:
ntry: 147.105
SL: 147.85
TP1: 144.850
TP2: 143.5

After a strong rally upwards, we see a divergence between momentum and price. RSI (21) has also crossed into the bearish territory below the 50% level.
Shortly after which, market broke below the ascending trendline support (now resistance).
Price has also closed below EMA (34) which has acted as a pretty solid support/resistance for GBPJPY

Trade active

Trade is now risk free.
Stop loss has been trailed to protect profits at 146.850

Note

Moved trailing stop lower to further protect profits.

Note

1st Target reached. Scaled out to lock in profits.

laughingchartist

Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28

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laughingchartist

Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28

Also on: