Potential Short setup on GBPJPY with a 3:1 reward:risk ratio.
Entry reasons:
- Previous support acting as resistance
- Price finding resistance at 800EMA
- Weekly trend bearish
Exit strategy:
- Stop above recent swing high & resistance level 180.45
- Target 178.80, just before recent swing low
Entry reasons:
- Previous support acting as resistance
- Price finding resistance at 800EMA
- Weekly trend bearish
Exit strategy:
- Stop above recent swing high & resistance level 180.45
- Target 178.80, just before recent swing low