GBPJPY has been on a long term downtrend and is on a trendline resistance. It is also showing bearish divergence which gives us an idea that the uptrend could be near its exhaustion. Upon break and close below the 2 trendline support at 147.884, I will go short. Stop loss is just above the swing low while the take profit target is at the 38.2 Fibonacci retracement level of the recent swing low to swing high. Tentative details are as follows:
Trade Setup: Possible CRT
Price Entry 147.884
SL 149.354 | SL pips 147.0
TP1 145.965 | TP1 pips 191.9
RRR1 1.31
Trade Setup: Possible CRT
Price Entry 147.884
SL 149.354 | SL pips 147.0
TP1 145.965 | TP1 pips 191.9
RRR1 1.31