Dear Traders,

I have not mentioned anything about USDJPY or GBPJPY pairs for a while, simply because I couldn’t tell the direction.

But GBPJPY pair kept dropping all day yesterday.

So my short term bias for this pair is Bear, though I am long term Bull.

For the entry, I could short from

  1. Hourly 21EMA (186.00 ish)
  2. DPP (186.12)
  3. Hourly 55EMA (186.50 ish)

2015-11-24_15-56-04-GJ1

 

Or… on M15 chart, I can take the Fibonacci of yesterday’s Low and High, and short from Fib38.2-61.8% as below.

2015-11-24_16-04-57-GJ2

The conservative target should be Prev Low (185.65), and the aggressive target should be Fib161.8% (184.80).

 

Hope this helps you build your own setup.

 

YJ Baik – Forex.Today @ Tokyo

 

 

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