Saturday, March 16, 2013

GBPJPY Price Action: Closing Price Reversal 16/03/2013

 There has been a massive reaction/rejection at the 145.80 resistance point, sending price lower and closing below the previously broken resistance at about 143.90. This has lead to the formation of a closing Price Reversal Price Action Setup. Expectation is for price to fall lower into support zone at about 138.90. Traders may want to join my Trade room to see and join in the way we will be trading this setup and its likes.

My Recommendation: Bearish entries with stops above recent high

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