AHEAD OF SESSION CROSS OVER GBPJPY ANALYSIS EXPLANATION

Hi Traders,

I would like to welcome you to the above GBPJPY pair, analysis based on hour timeframe. Indicating the best possible move for the rest of the week.

This analysis is based on the large picture analysis, which we did in our Weekly analysis of this pair, you can refer it there.

The price has failed to break the resistance level of 143.800 and has been consolidating without giving a clear bullish indication of breaking this level, and there for traders must take this opportunity in shorting the pair so long as it stays below the 143.800 region.

It is very wise to go with the flow of this pair, meaning to follow the momentum into its lower support levels.
The entry should be a sell stop at 143.000 regardless the fact that price is currently at 143.150, the reason for sell stop is to be sure of enough bearish momentum. Our stop loss criterion is the break of nearest resistance, if price will be able to reach this level we will be ready to be stopped out as the price might go further higher.

Entry for this pair should be a Sell stop at 143.000
Stop loss, at 70 pips above
Take profit 1 = 141.000
Take profit 2= 132.000
Take profit 3= 127.000

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