GBPJPY Short it down till 134 then buy back up till 143
The GBPJPY has been on a long term decline starting since the middle of March. The currency continues on the downtrend and is approaching long term support at 134.
Despite it rising slightly in June, I believe that it is only a short term thing as the RSI approaches overbought territory and from previous examples when price was previously at these RSI levels there have always been big drops after that.
Suggest 2 trades:
1. In the short term, short the GBPJPY till 134.
-Open short when RSI passes 70 and looks to turn direction, look to MACD for advise on when to enter short position
-Stop buy at 139
-Look to close position at 134.5
2. Long term look to buy at 134 and look to sell at either 143 or the extension of the downward trendline
-Buy at 134.5
-Stop loss at 131
-Sell order at 143 or if downward trendline is first hit
Despite it rising slightly in June, I believe that it is only a short term thing as the RSI approaches overbought territory and from previous examples when price was previously at these RSI levels there have always been big drops after that.
Suggest 2 trades:
1. In the short term, short the GBPJPY till 134.
-Open short when RSI passes 70 and looks to turn direction, look to MACD for advise on when to enter short position
-Stop buy at 139
-Look to close position at 134.5
2. Long term look to buy at 134 and look to sell at either 143 or the extension of the downward trendline
-Buy at 134.5
-Stop loss at 131
-Sell order at 143 or if downward trendline is first hit
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