GBPJPY – SHORT – 27th July 2017

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The daily chart has recently printed a double top with MACD divergence. The latest daily bar is a bearish outside bar, if we see follow through to the downside it will confirm a lower high in the market and potentially open further downside opportunities.

 

 

 

 

 

 

 

 

 

 

 

 

The H1 is showing MACD divergence across recent highs and price has now closed beneath the 50EMA. We’ll be looking to take a short trade if price retraces into the daily pivot and provides an appropriate price action signal. Our stop loss will be placed above the R1 level and our first target at the prior daily lows. Our ultimate target is the next level at 142.60