GBPUSD has been going lower today. As a result, GBPJPY has been lowered as well.
Looking at 4 hour chart, the price was rejected by 21EMA, and 5/8 EMA cross may occur soon.
Even though, I posted USDJPY Long trade setup, I would like to discuss GBPJPY Short setup here. Typically I think the direction of USDJPY and GBPJPY are the same. But sometime they are not. And today may be such day…
On M15 chart, the price has been dropping and came down to the Support (Role-Reversal) area. IF the price BREAKS this support, then I would like to sell this pair from the Role-Reversal zone.
The conservative target will be Fib138.2% that is 183.20 ish.
Or you can aim for 182.94 (DR1 -> DS1).
YJ Baik – Forex.Today @ Tokyo