GBP/JPY: 21.03.2016
4H - Time Frame: Short Trend
Correction to levels of horizontal resistance - Right shoulder of possible Head & Shoulders formation
FIBO - Correction to 50%, price holds below and its lower
price action: Formation "Spining Tops" at levels of resistance - with potential for down move
Entry for short - around 160.77 for better entry price
Alternate scenario:
If the price goes up above 161.78 will break the negative formation for short
Technical Indicators:
RSI below 0, CCI(50) below 0
Price below horizontal resistance, after correction in short trend
Price for Entry: 160.77, SL: 161.85
Stefan D. Angelov - Head of Stocks Trading
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