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GBPJPY Reversal Setup- Short Scalps Eye 182

GBPJPY Reversal Setup- Short Scalps Eye 182

Michael Boutros, Strategist

Talking Points

GBPJPY Daily

GBPJPY Reversal Setup- Short Scalps Eye 182

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • GBPJPY trading within descending median-line formation
  • Immediate resistance into 185 backed by 186.95- bearish invalidation
  • Support objectives at 183.37 & 182.03
  • Daily RSI holding sub 50 & support trigger break- bearish
  • Event Risk Ahead Limited

GBPJPY 30min

GBPJPY Reversal Setup- Short Scalps Eye 182

Notes:GBPJPY is trading within the confines of a descending median-line formation off last week’s highs, with a break below the initial weekly opening range/trend-line support now coming into the 50% retracement of the advance off the September low at 184.20.

The immediate short-bias remains in play while below the slope resistance / 185 with a break of the lows targeting 183.29, 182.87 & 182. A breach above resistance risks a rally towards 186 with our broader bearish invalidation level at the upper median parallel / 186.96.

Note that this is a wide-range setup with a quarter of the daily average true range (ATR) yielding profit targets of 55-58 pips per scalp. Event risk is rather limited this week with only Japanese CPI & UK Mortgage approvals on tap so we’ll be watching broader market sentiment for guidance.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

GBPJPY Reversal Setup- Short Scalps Eye 182

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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