GBPJPY - Consolidation at Key Level
I was unlucky with my last prediction on this pair, however I am still expecting a break lower on GBPJPY.
As we can see from the chart it is consolidating just below the 4 hour descending TL, around the 135 psychological level. Although we are currently moving in a sideways market my bias is to the downside.
I'm hoping that with some GBP weakness this week we should see a drop lower. The set up illustrated offers a nice 1:3 R:R ratio with stops placed above the key level.
As we can see from the chart it is consolidating just below the 4 hour descending TL, around the 135 psychological level. Although we are currently moving in a sideways market my bias is to the downside.
I'm hoping that with some GBP weakness this week we should see a drop lower. The set up illustrated offers a nice 1:3 R:R ratio with stops placed above the key level.
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