Short/Sell GBPJPY - British Pound / Japanese Yen

The "Dragon" as it is known is finding resistance at it's 200-day moving average, with the share during yesterday's session forming a bearish engulfing candle. The RSI has rolled over from an overbought level and is now pointing lower, signaling the potential start of downside momentum while the MACD has also given a bearish crossover. At current levels traders could look to short/sell the pair, taking a medium term view.

Trade Levels:

Short/Sell GBP/JPY above 148.255
Stop-loss: 149.630
Take Profit Target: 145.609