GBPJPY pin bar short opportunity
Price is trending downwards on this 10 hour time frame with higher time frames also confirming trend. Price has recently retraced to a previous support area as well reaching the 50% Fibonacci retracement level. Price is in between the 8 and 21 moving average, the buy zone. A pin bar has formed on the retrace signalling that sellers may have rejected the retrace and price is ready to continue downward. A sell entry order may be placed at half way of the range of the pin bar candle, stop loss placed well beyond the range of the pin bar candle, profit target placed at the next area of support. Risk is 2.7
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