GBPJPY pair dropped 200 pips yesterday.
Hourly chart (below) is still bearish, the price is riding 21 EMA which suggests the downtrend is strong. Furthermore, the price already broke the support of 184.30 once, and Stochastic is in the down cycle.
Thus I would like to look for Short trade with this pair.
As usual, the selling zone is from Fib38.2-61.8% of yesterday’s Low and High.
The target can be DM1 (183.10).
Hope this helps you build your own setup.
YJ Baik – Forex.Today @ Tokyo