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
- Hourly 21EMA (186.00 ish)
- DPP (186.12)
- Hourly 55EMA (186.50 ish)
Or… on M15 chart, I can take the Fibonacci of yesterday’s Low and High, and short from Fib38.2-61.8% as below.
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