The Longer-Term Trend for the GBP/JPY is solidly DOWN now and, this trend will probably hold for many months if not years to come.
These are exactly the type of situations that WD Gann used to write about taking advantage of.
Markets decline much faster than they rise, and so, provide an excellent opportunity for faster and more profitable trades once we get on the right side of the trend at the right moment.
With this firmly in mind, we should then scout out the prime points to establish SELLING positions with the least amount of risk possible.
Timing for the next day or two is the focal point as we’re presently in a rally.
This uptrend, barring any new price momentum, should end by Friday or Sunday.
When it does, it will have to trigger the present price break point of 157.00.
That will be the confirmation signal for the next downswing in prices.
Note, as always that this is purely an educational exercise and not an advisory or solicitation to buy or sell. Read our extensive disclaimers to this effect.
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