GBPJPY Short Premium Trade
The price is currently printing at an important resistance zone, therefore we are waiting for a confirmation to enter a short trade. The market sentiment is to sell this pair, due to its failure to capitalize on its early price ( @133.0) and due to the UK’s government approach to fight coronavirus. Furthermore, the pair cross dropped the seven-month lows today.
The JPY was further supported by BoJ rethought cutting rates. On the other hand, the GBP struggled to get any meaningful traction due differences in governmental approaches.
This pair is currently trading at a premium, therefore, a sell option is expected.
Entry : @130.0 - 129.4
Stop Loss : @131.319
Target : @128.093 and @126.881
Please be aware of the fact that this is just a forecast and due to the volatile market conditions, can be changed. Always consider your own risk:reward ration before entering a trade.
Stay safe !
The JPY was further supported by BoJ rethought cutting rates. On the other hand, the GBP struggled to get any meaningful traction due differences in governmental approaches.
This pair is currently trading at a premium, therefore, a sell option is expected.
Entry : @130.0 - 129.4
Stop Loss : @131.319
Target : @128.093 and @126.881
Please be aware of the fact that this is just a forecast and due to the volatile market conditions, can be changed. Always consider your own risk:reward ration before entering a trade.
Stay safe !
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