SHORTING GBP/JPY
Technicals:
As it currently stands, HJ is at a strong level of supply where we have started to see selling pressure come into play. We’ve seen a bearish engulfing, followed by a double top formation at supply. The double top was confirmed after a shooting star on the 30M timeframe. This is my confirmation to get into the trade, however, Monday usually contains manipulation, so I tend to not trade on Mondays, despite this, I like the look of this trade and the risk to reward ratio is there (4.4:1)
Fundamental summary:
The UK are looking to implement tighter Covid restrictions to reduce the spread of the new Covid variant ‘OMICRON’, this is likely to cause the pound to drop in value against the yen which is seen as a safe haven during times of uncertainty – known as risk off.
Please let me know your thoughts and trade with caution!
As it currently stands, HJ is at a strong level of supply where we have started to see selling pressure come into play. We’ve seen a bearish engulfing, followed by a double top formation at supply. The double top was confirmed after a shooting star on the 30M timeframe. This is my confirmation to get into the trade, however, Monday usually contains manipulation, so I tend to not trade on Mondays, despite this, I like the look of this trade and the risk to reward ratio is there (4.4:1)
Fundamental summary:
The UK are looking to implement tighter Covid restrictions to reduce the spread of the new Covid variant ‘OMICRON’, this is likely to cause the pound to drop in value against the yen which is seen as a safe haven during times of uncertainty – known as risk off.
Please let me know your thoughts and trade with caution!
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.