Correlation Trade with GBPJPY - Short
Sell set up for both these pairs as they are both highly correlated with each other (+98%) and both give good signs that short term uptrend is over and market has reversed:
On this pair we have Dark Cloud Cover, with a confirming candle. a tag of the upper BB, and stochastic moving down with a signal line cross. All this has happened at R1key resistance.
Enter now or wait for close of this day to complete Falling Three Crows. Stop loss can be the high of the Dark Cloud with target at 129.068 for R/R of 1:4 or if you prefer a bit more risk the swing high at 143.23 for a r/r of 1:1.
See GBPCHF pair and idea there. Take one of both!
On this pair we have Dark Cloud Cover, with a confirming candle. a tag of the upper BB, and stochastic moving down with a signal line cross. All this has happened at R1key resistance.
Enter now or wait for close of this day to complete Falling Three Crows. Stop loss can be the high of the Dark Cloud with target at 129.068 for R/R of 1:4 or if you prefer a bit more risk the swing high at 143.23 for a r/r of 1:1.
See GBPCHF pair and idea there. Take one of both!
Also it should be noted GBPJPY is +92% correlated with EURJPY and we are already short on that one with strong technicals to the downside.