GBPJPY – possible Short Swing Trade for Week 27 March ’17
Article 50 – could be a “challenge” for this week. Bias:- Short For D1, Price is in a down Trend but Ranging within a Wedge Price is testing MM2 and Support (all way back to June ’16) Price Closed below all MA’s. Stochastic – N/A (Trending market)
On H4, Price is testing WM2. Has closed between 5 / 8 MA’s but below 21, 55 & 200 EMA’s. However, 1-2-3 pattern could be developing, implying a potential Swing Long trade 139.35. Wait for price to test Resistance at 140.500. If does not close above, then Enter a Short trade.