GBPJPY: A simple trading plan
The cross GBPJPY is getting closer to a few trading setups, but first, the market needs to break important short term support or resistance levels. Please take a look at the chart below.
My Trading Plan:
If the market breaks the short term resistance level around 156.74 (green resistance line), I will start to look for long opportunities, and all take profit levels will be placed below the long term resistance around 159.45
If the market breaks the short term support level around 154.87 (green support line), I will start to look only for short trading opportunities (will validate the head & shoulders pattern), and all take profit orders will be placed around 150.00