GBPJPY Short

A good opportunity to short. there is a nice downtrend forming as the price has broken out of the April range. A retracement to former support (MAGENTA HORIZONTAL RAY) also coincides with the 0.382 Fib and the S1 monthly pivot point . the COT data also shows speculators getting shorter on the pound and longer on the yen which can clearly be seen in this weeks price action.

If you have any ideas supporting or on the contrary to my opinion please leave a comment.

thanks and happy trading