GBPJPY hedge on yesterday´s longs

GBPJPY hedge on yesterday´s longs

Key Resistance: 151
Key Support: 149.80 – 148.60 – 147.75

Yesterday we took a long on the GBPJPY when it broke with this week´s highs. Price failed to break with the 150.80 level so we decided to manage our risk by moving stops below the daily lows.

This level confluences with the Point Of Control of the entire volume of last week´s bearish move, The Apr. 28 – March 2 week lows and a previous historic key level.

Once it broke below our long position was no longer high probability so we decided to go short below this massive level.

The GBPUSD is also rejecting the weekly pivot and the same POC of last week´s bearish move. When/if price breaks with this week´s lows after breaking-retesting the POC (green arrow shows the move)we will se price also breaking with the mid term bullish structure and selling off to our target areas.

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Author : Orlando Gutierrez

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