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Gjshort

GBP/JPY Short IdeaHey Guys, GBP/JPY is trading under the 200EMA on the daily and the 4Hour chart. The Fibonacci retracements line up very well for a short. It has formed a bunch of bearish candle stick patterns after the touching the 50% level. In this trade right now with about 25 pips My only real concern is that when I went through the Ideas section on the Trading view for this pair, majority of the ideas here are going for a short and that kinda scares me. Either its a simple short or most of us are going to be wrong. I normally trade against the general consensus. But my simple strategy points me towards a short. Would love any feedback.
Short
by turkeypoint
GBPJPY BREAKS 131 SUPPORT : WHAT FOLLOWS ?The British pound ran into resistance again against the Japanese yen as it rallied towards the crucial 132 level. This is an area that has been important more than once, as it was previous support. At this point, the market looks as if it is trying to roll over again. Outlook in GBP/JPY is unchanged as GBP is long-term bearish. Below 130.64 will target a test on 123.94 low. but a nearby target could be the 127 level. One thing is for sure, the market looks as if it is running out of momentum to the upside in general, so having said that it is likely that the downside is going to be much more preferred. Risk Warning : The risk of loss in trading Foreign Exchange (FOREX) can be substantial. You should therefore carefully consider whether trading is suitable for you in the light of your financial condition. Goodluck !
Short
by Tim298
2