Going short on the GBPJPY

I went short on the GBPJPY at 14973 as it was bouncing off the resistance as you can see on the chart below. There seems to be  resistance around the level where the price action was and as the price action looked to fall, I felt this was a good entry. The market has found some strength all of a sudden however so we will have to wait and see what happens. I have my stop at 15024 with a first target (if things go my way) at 14900 or so…


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Category: Forex trading, Spreadbetting, Trading