GBP/JPY Looking for Swing Shorts
This pair had been in an uptrend on the Weekly chart as you can see from the clear higher highs and higher lows we had been making since October 2014.
I mentioned this pair in my recent youtube analysis youtube.com/channel/UCDmv1CGQtv2BkwvTwcgPfDg
and how i was neutral given the recent Daily movement was hinting at bearish swings. We have now broken below our ascending trendline and driven right down in to the 180.40 support level. This move has now given me a firm bearish outlook from a swing trading position and i am awaiting a short setup.
The most obvious opportunities would be either a retest of the broken trendline around the 184 area or alternatively a clean break and retest of the 180.30 level with clean price action to signal entry.
Given we now have the Christmas and New Year holiday period its likely to be a couple of weeks before the set up arises but i have it on the watchlist.
I mentioned this pair in my recent youtube analysis youtube.com/channel/UCDmv1CGQtv2BkwvTwcgPfDg
and how i was neutral given the recent Daily movement was hinting at bearish swings. We have now broken below our ascending trendline and driven right down in to the 180.40 support level. This move has now given me a firm bearish outlook from a swing trading position and i am awaiting a short setup.
The most obvious opportunities would be either a retest of the broken trendline around the 184 area or alternatively a clean break and retest of the 180.30 level with clean price action to signal entry.
Given we now have the Christmas and New Year holiday period its likely to be a couple of weeks before the set up arises but i have it on the watchlist.
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