On our market watch today is the GBPJPY. As always we have used ourtop-down trading technical analysis to determine key price action levels for trade entry. The pair is being rejected by the 200 SMA on the H4 chart (blue line) and is pulling back in a rising wedge formation (usually bearish).
Trade entry: sell the pair at the current levels with the SL above the 149.560 targeting 147.200 near-tearm, and in a case of the break below this level lock the trade with moving the SL at the break-even and release it for extended downside profit.
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