GBPJPY fell off 61.8% retracement support yesterday. If this breakdown persists, we should see 161.00.
Given bearishness in the dailies, our main bias is to short. However, with more than a 1% swing yesterday from the high to the low, it's prudent to wait for a good bargain for entry.
Using fibs, 162.95 is the 50% of yesterday's bearish leg 163.15 is the 61.8%. That's bargain entry for shorts. Stop loss at 163.20 when the 61.8% is violated.
Another option, is to enter at 162.60 if you think that the bearishness is too strong to go back to 163.95. #OPINIONLEADER#
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
Like this article? Show your appreciation by sending a tip to the author.
Leave Your Message Now