GBPJPY Short Trade *140.00 resistance*
GJ showing multiple signs of rejection @ 140.00
1hr timeframe chart shows 3 clear tests and rejections.
I can see an expanding wedge pattern forming and bullish momentum is dying off here with price making its way sideways now. A short here could see s good drop down to the previous intraday support @138.500 or lower.
A further price target could be the lower trendline of the expanding wedge pattern and 4hr 200EMA.
Keeping stops outside of any price spikes and further tests of the 140/140.200 is important. Don't trade too aggressively.
1hr timeframe chart shows 3 clear tests and rejections.
I can see an expanding wedge pattern forming and bullish momentum is dying off here with price making its way sideways now. A short here could see s good drop down to the previous intraday support @138.500 or lower.
A further price target could be the lower trendline of the expanding wedge pattern and 4hr 200EMA.
Keeping stops outside of any price spikes and further tests of the 140/140.200 is important. Don't trade too aggressively.
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This trade started well but pretty quickly hit my stop loss unfortunately. On to the next one.
