Possible short trade on GBPJPY
Price broke the Daily uptrend line to commence downtrend and start a fib pattern
Price then reversed at the 0% FIb which was roughly confluent with Daily/Weekly support and resistance
It retraced all the way to the 61% fib level before finding resistance and continuing back in downtrend
First target is the 0% Fib level at 181.440 which is roughly confluent with Daily/Weekly S&R
Second target is around 171.921 which is confluent with weekly S&R
Stop Loss at 183.092
Risk/Reward - 1/3.87
Price broke the Daily uptrend line to commence downtrend and start a fib pattern
Price then reversed at the 0% FIb which was roughly confluent with Daily/Weekly support and resistance
It retraced all the way to the 61% fib level before finding resistance and continuing back in downtrend
First target is the 0% Fib level at 181.440 which is roughly confluent with Daily/Weekly S&R
Second target is around 171.921 which is confluent with weekly S&R
Stop Loss at 183.092
Risk/Reward - 1/3.87