Forex Strategy: Holding GBPJPY Short Position

DailyFX

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.

SEE CHART HERE


original source

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)