GBP/JPY - British Pound Yen
Short term (Intraday)
121,62. GBP JPY is in an downtrend directed by 1H exponential moving averages. GBP JPY is in a consolidation after the last bearish movement. The volatility is low. Bollinger bands are flat. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bearish configuration. 1H ForexSto (Modified Stochastic) indicate a bearish pressure on GBP JPY. The downtrend should continue to gather momentum.
We could take a short position at 122,20. We will put the stop loss above 124,20 (-200 pips). The targets are 119,50 (+270 pips, risk/reward 1:1.4), 118,00 (+420 pips, risk/reward 1:2.1) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 3.
Resistances
123,00 - 125,50
Supports
121,30 - 119,50
