The British Pound suffered heavy losses recently against the Japanese Yen, and it looks like more declines are likely. We are already short, and we can add more sells if the GBPJPY pair corrects from the current levels. There is a chance of band to band move on the daily chart, which means there is still room for more downsides in the near term. We can wait for a minor correction to enter a sell trade for GBPJPY.
There was a triangle formed on the hourly chart, which was breached and might act as a resistance moving ahead.
Technical Analysis
H1 – Band to band move likely in the near term.
H1 – Triangle break, which suggests more losses are likely.
Entry:
H1 – We can enter a sell trade for the GBPJPY pair if it corrects higher from the current levels and trades near the broken triangle resistance area.
Target 1: 191.00
Target 2: 190.20
Stop Loss: Above 193.50.
Video Explanation:
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Awesome post.