Today will begin our first weekly long term analysis of currency pair. The pair in focus if GBPJPY.
The weekly timeframe shows a clear bearish trend with price below the 20sma, the Daily timeframe getting over-bought and 4hrs candle closes below the 20sma.
I suggest a SHORT trade at 144.94 with a stoploss at 147.04 and take profit at 140.90, trailing every 100pips is a good idea.
At the moment my trade triggered and waiting for event to unfold.
I will also welcome comments as we ride the trade.
Enjoy.
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