After looking at the charts tonight I've come to the conclusion that the GBP/JPY is slightly overbought. Based on my analysis I plan on placing my sell order @ 133.44 with a TP 132. 95 and SL 133.95. I have based my strategy on the following factors:
1. Based on the 1 hour chart it seems that the 133.50-133.75 level is holding up quite well. A trend line from 133.75 level seems to be coming in at 133.50 from where I sit and looks like a good spot set a short if it comes into play.
2 On the shorter timeframes it seems that new highs are not being above 133.75 indicating that the bulls are running out of momentum and may begin to bail out if 133.80 isn't breached in the next little while.
SOLD @ 133.42 TRAIL WAS TRIGGERED @ 133.22
ReplyDeleteP/L RESULTS = +20 pips