$GBPJPY 1/21/16 SHORT-TERM SELLING OPPORTUNITY

GBPJPY 1HR CHART

BEARISH BAT PATTERN

THE YELLOW RECTANGLE MARKS THE PREVIOUS STRUCTURE LEVELS IN THE GREATER DOWNTREND (4HR CHART). 
I’M LOOKING TO GET SHORT AROUND 168.50, NEAR THE PREVIOUS STRUCTURE RESISTANCE TO RIDE THE MARKET BACK DOWN TO 166.82.
FIB RATIO & 200-DAY EMA CONFLUENCE AT THE ZONE OF INTEREST.

STOP @ 169.20, ENTRY @ 168.50, TP @ 166.82

72 PIPS : 170 PIPS (RISK : REWARD)

*****DISCLAIMER: Trade these patterns at your own risk. This post is an “educated guess” based upon my technical analysis. If you are trading live, limit your risk to 1% of your account balance. If you have zero experience trading, I highly recommend you start with a demo account before going live.*****