GBPJPY pair has been nicely going down from Fibonacci 38.2-50% area, and I continue to look for the Short trades …

 

2015-09-16_13-36-25-GJ1

especially because the prices are under 21 EMA on the Hourly chart (below).

Hourly chart shows the nice reversal patterns – series of Lower Lows and Lower Highs.   However, currently the prices seem to be stuck at the pivot cluster of WPP & DM2.

2015-09-16_13-38-01-GJ2

So I would like to play the breakout strategy here too.   Let’s wait for the break of WPP&DM2 (184.46), and sell from the pullback.

The conservative target (for day traders) should be DS2 (183.12), and the aggressive target (for Swing Traders) should be 180.00.

If you are going to Swing, I hope you can move your stop to “even” before FOMC tomorrow.

 

Hope this setup helps you build your own.

 

Happy Tradin’

 

YJ Baik – Forex.Today @ Tokyo

 

 

 

 

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