In this trade idea I am having a look at a possible short trade on the currency pair Pound Yen for the following reasons.
1. we can see that a triple top has been formed and seems like has tried and failed to break the key resistance.
2. GJ then came down broke a support and retested it as the new level of resistance.
3. Has come down to a very strong level of support that could be broken due to no bullish price action.
4. Gj is currently in a bearish trend and will create the best entries for the sells.
The idea I am having a look at is id like for GJ to break below and pull back to retest it as a possible resistance and once that happens i will wait for the new support to be broken in order to take to take the short leading to the next level of resistance and then I will start to take profits.
1. we can see that a triple top has been formed and seems like has tried and failed to break the key resistance.
2. GJ then came down broke a support and retested it as the new level of resistance.
3. Has come down to a very strong level of support that could be broken due to no bullish price action.
4. Gj is currently in a bearish trend and will create the best entries for the sells.
The idea I am having a look at is id like for GJ to break below and pull back to retest it as a possible resistance and once that happens i will wait for the new support to be broken in order to take to take the short leading to the next level of resistance and then I will start to take profits.