Institutional GJ short
Price has seemed to be in a bit of a range the latter part of this year. This GBPJPY trade was first placed Monday 12/27/2021. I noticed price was just pulling back on the daily time frame from that long institutional sell move that occurred that past 2-3 trading weeks. Price was ranging for the beginning part of this month before there was about a 475 pip breakout to the upside. This was an indication for me to start scaling in and shorting the market the more it continued to pull back. Retail sentiment was bullish at this time which was another conformation for me.
Looking at fundamentals, the omnicron variant of COVID is affecting all the financial markets. People tend to put their money in safe haven assets like metals, commodities and currencies like the JPY during times of economic unrest to combat inflation and market volatility. I predict the Japanese Yen to gain some significant amount of strength starting off the new year 2022.
Additionally, technical analysis is telling us that price is heading to the next destination which is the liquidity/support zone @ 149.000 on the D1. There was also an order block @ 153.880 on the H4 timeframe giving me even more conformation to hold my short positions. If you scroll down the the H4 timeframe, the pullback is a little more cleaner. I predict price to reach the next daily support @ 149.000. If it does not and there is more buying pressure, stop loss will be triggered @ 155.000 for all three positions.
Lot sizes used:
Entry1 = 153.654 (0.10)
Entry2 = 154.173 (0.05)
Entry3 = 154.293 (0.05)
Looking at fundamentals, the omnicron variant of COVID is affecting all the financial markets. People tend to put their money in safe haven assets like metals, commodities and currencies like the JPY during times of economic unrest to combat inflation and market volatility. I predict the Japanese Yen to gain some significant amount of strength starting off the new year 2022.
Additionally, technical analysis is telling us that price is heading to the next destination which is the liquidity/support zone @ 149.000 on the D1. There was also an order block @ 153.880 on the H4 timeframe giving me even more conformation to hold my short positions. If you scroll down the the H4 timeframe, the pullback is a little more cleaner. I predict price to reach the next daily support @ 149.000. If it does not and there is more buying pressure, stop loss will be triggered @ 155.000 for all three positions.
Lot sizes used:
Entry1 = 153.654 (0.10)
Entry2 = 154.173 (0.05)
Entry3 = 154.293 (0.05)
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