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Forex Strategy: Holding GBPJPY Short Position

Forex Strategy: Holding GBPJPY Short Position

2014-05-15 13:00:00
Ilya Spivak, Sr. Currency Strategist
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The British Pound declined as expected against the Japanese Yen after breaking below rising trend line support set from early February. A break below support at 171.27, the 23.6% Fibonacci retracement, has exposed the 38.2% level at 169.86, with a further push beyond that eyeing the 50% Fib at 168.71. Alternatively, reversing back above 171.27 clears the way for a retest of the trend line, now at 172.55.

I entered short GBPJPY at 172.26. I have now booked profit on half of the position at 171.27 and trailed the stop-loss on the remainder of the position to the breakeven level (172.26). I will let the trade develop from here, expecting the down move to continue.

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