Trade Idea: GBP\JPY - Sell-Limin at 133.20; Target: 126.10 ; Stop: 135.00
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The GBPJPY attempted to push higher yesterday, topped at 134.79 but whipsawed to the downside, bottomed at 131.82 and hit 130.40 earlier today in Asian session. The bias is bearish in nearest term testing 129.89 area. However price is already in oversold area so watch out for potential upside correction testing 133.00 resistance area. Break above that area could lead us into no trading zone as direction would become unclear but the main scenario remains to the downside and I still prefer short on rallies strategy at this phase.
"P&F
GBPJPY1440 Box Size400X3 or(6.49%) HI/LO
Data 251.09 - 118.785
~ 92 Month ~ 2812 Day
Database 2001 records 131.555 (Last Close)
2002-09-06 00~00
2010-05-19 00~00 (GMT+01:00) Paris
BJF Trading Group chart"
BJF-Trading-Group_Excel_Chart