Friday August 4 at 14:00 ET
TS #140 Sell GBP/JPY at 218.20
We believe that this morning's high for GBP/JPY is the final high for the uptrend since April 26 and even before. Since this morning's high of 218.50 at 8:15 ET GBP/JPY has been ratcheting its way slowly downwards, staying below a downward sloping trendline. Today's non-farm payroll figures sent GBP/USD rising about 200 pips, and sent GBP/JPY up only about 65 pips. A downwards trade taken off this trendline could be the beginning of a new downwards trend, and give us a low risk : high reward entry point.
Stop is 218.68
Target #1 is 212.50
Risk is 57 pips
Reward is 561 pips
Reward : Risk ratio is 9.8 to 1
For research purposes only
TS #140 Sell GBP/JPY at 218.20
We believe that this morning's high for GBP/JPY is the final high for the uptrend since April 26 and even before. Since this morning's high of 218.50 at 8:15 ET GBP/JPY has been ratcheting its way slowly downwards, staying below a downward sloping trendline. Today's non-farm payroll figures sent GBP/USD rising about 200 pips, and sent GBP/JPY up only about 65 pips. A downwards trade taken off this trendline could be the beginning of a new downwards trend, and give us a low risk : high reward entry point.
Stop is 218.68
Target #1 is 212.50
Risk is 57 pips
Reward is 561 pips
Reward : Risk ratio is 9.8 to 1
For research purposes only